Current and Past Projects

 

Distressed Assets In 2010, StoneBridge acquired 221 of the 390 total units in The Arbors at Branch Creek in Tampa, FL through foreclosure from a condo converter. StoneBridge has since acquired an additional 150 units in the property through short sales and is in the final stages of reverting the project to a Class AA luxury rental community. The total acquisition budget for both the initial purchase and subsequent short sales was lower than the original development costs and 50% below the current market value.

This opportunistic acquisition strategy highlights the synergy between StoneBridge, ZOM, and ZRS Management. StoneBridge sourced the opportunity and ZOM managed the buyback of the existing units. ZRS has managed the property since it was originally developed by ZOM in 2000, and had extensive knowledge of the property’s operating history, as well as the ability to successfully re-position this property in the northwest Tampa submarket. The depth of knowledge and expertise within the three companies provided the confidence and ability to accurately underwrite and execute the acquisition of a FDIC controlled loan, negotiate a friendly foreclosure, purchase additional units, and carry out an extensive upgrade program of units, amenities and landscaping.

 

Core Value Add The Policy was acquired by StoneBridge in 2008 after an agreement was reached with the tenant association that was formed under the District’s Tenant Opportunity to Purchase Act ('TOPA'). The Agreement gave the tenants the option to remain in the building at their current rents or to receive a cash payment upon vacating the property. Following acquisition, the building subsequently received a full, complex "gut" renovation, self containing all units by replacing the building systems, kitchens, and baths, while maintaining and restoring the historic exterior façade as well as original hardwood floors and architectural detail. Located in the trendy and affluent Kalorama neighborhood of Washington, DC, The Policy offers 62 class-A luxury units with modern amenities in a historic setting. The property maintains 95% occupancy, and currently achieves some of the highest rents in the city.

 

Repositioning Opportunities Capital Crossing is part of a four building portfolio consisting of 1,007 garden-style units in Prince George’s County, MD. The portfolio was acquired by StoneBridge in 2002 in a joint venture with the William C. Smith Company, a local property management and development company. Capital Crossing provided an opportunity to purchase a stabilized asset with the ability to create value through proactive asset and property management, in addition to an extensive upgrade program. Since acquisition, each unit has received new windows and has been partially self-contained, significantly decreasing the ownership’s utility costs. Each unit has also received cosmetic improvements to the kitchens and baths on turnover, which has led to increased rents. Delinquency and vacancy have significantly reduced across the portfolio, further strengthening performance. The entire portfolio was refinanced in 2006, at which time the investors received their equity repayment in full.

 

Development Located in the West End/Market District at the western edge of Austin’s Central Business District, The Monarch is part of a new epicenter of pedestrian- oriented development in downtown Austin. With unparalleled views of downtown, Town Lake and the lush rolling hills of West Austin, the distinctive 29 story residential high-rise has joined an already vibrant neighborhood. The project is targeted to the affluent lifestyle renter, and features 305 high-end residential units and nearly 9,000 square feet of street level retail. The Monarch was developed by ZOM Austin I, LP, with equity capital provided by European-based private and institutional investors syndicated through the StoneBridge Holland office. The project was completed in 2009 and achieves some of the highest rents in Austin. It was sold in 2011 to an institutional investor.