Stonelake Capital Partners Managing Partner Kenneth Aboussie
Some South Dallas residents are asking a developer to alter its plans to construct a warehouse along Wheatland Road as they feel this will bring dangerous 18-wheelers into their neighborhood.
Stonelake Capital Partners announced today it has raised $555 million for their latest opportunistic real estate fund, surpassing their target amount. The investment will focus on Texas and Sunbelt markets, emphasizing industrial warehouses and class-A multifamily investments.
Founded in 2007
Stonelake Capital Partners is a real estate private equity firm based in Austin, Dallas, and Houston, with offices in each location. They acquire and develop industrial, multifamily, and office properties ranging in value up to $4 billion across high growth markets, managing investments through discretionary private equity investment partnerships that span across them all; among their investors are some of the nation’s most prestigious college endowments, charitable foundations, and hospital systems.
Wilheit Packaging Inc. recently purchased several properties in the Nashville area, including 1631 Corporate Place in southeast Davidson County, for $3.67 million through an affiliated trust of plastic fabrication company Wilheit Packaging Inc. as part of a larger strategy to invest in the local industrial market.
Stonelake will expand its regional presence through these acquisitions, including six warehouses and three office buildings. Furthermore, the company plans on investing in the development of a 50-story tower titled 5th and Colorado that features both residences and Class-AA office space; its four residential amenity levels will activate both sides of Colorado Street with elevator banks – designed by Houston-based Ziegler Cooper Architects.
Stonelake will feature office and retail space and a 2,000-square-foot restaurant featuring bar seating, lounge areas, and an outdoor patio – an addition to its dining scene in Stonelake that can only benefit local neighborhoods.
Stonelake Capital Partners made another recent acquisition when they closed on a four-story office building in Uptown for their latest fund in July 2020. Investors included college endowments, hospital systems, and pension funds.
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Managing Partner Kenneth Aboussie
Kenneth Aboussie is currently managing partner of Stonelake Capital Partners, a private equity firm specializing in real estate, with 17 years of experience in the real estate industry and previously serving as partner at Cypress Real Estate Advisors (Austin-based private equity firm). Before that, he was an associate at JPMorgan Chase & Co.
According to an SEC filing, his company has already purchased over $325 million worth of properties and plans on raising another $125 million for future investments. Investors include public pension funds, RIAs, and family offices.
Lee & Associates recently made their latest acquisition in Atlanta by purchasing an industrial building totaling 1.3 million square feet from Wilheit Packaging for $1.3 million. Wilheit Packaging will move into its new space in 2020 after working with Lee & Associates team on an innovative deal structure that allowed Wilheit Packaging to occupy it for one year before determining if it could meet its long-term requirements.
Stonelake Properties is in the process of purchasing industrial and office assets locally in Atlanta and in Texas markets such as Dallas and Houston. Furthermore, it has invested in redeveloping its current Atlanta portfolio, including its recent purchase – totaling more than $4.2 billion worth of Sunbelt real estate holdings!
The firm has recently made another investment into Austin for $63.5 million: 5th & Colorado is a 50-story tower featuring residential and Class-AA office space that will feature amenities for residents and office tenants and two sky lounges on 49th and 50th floors.
Stonelake Opportunity Partners V is an Austin, Texas-based real estate opportunistic fund that invests in office, industrial, and retail assets and infrastructure reimbursement agreements using multiple public finance instruments. For more information about this fund visit PitchBook’s complete profile; to gain access to data for over 3M companies, request access via PitchBook’s full profile or order it here.
Co-Managing Partner John Kiltz
Stonelake Capital Partners is a real estate investment firm with offices in Austin and Dallas, boasting over two decades of experience investing in office, industrial, and multifamily properties. Their investment team boasts more than 25 years of experience across office, industrial, and multifamily assets; each member oversees all aspects of an investment’s life cycle, from acquisition through asset management, property management, and value enhancement to investor reporting, capital markets oversight as well as legal/risk management oversight.
The company is developing a multifamily tower in Dallas’s Deep Ellum neighborhood, featuring plans for a 17-story residential building on top of a four-story parking garage, expected to be finished by 2022. In addition, two more projects are in progress across Texas.
Stonelake Capital Partners was established by Kenneth Aboussie Jr. and John Kiltz in 2007. Since its establishment, the firm has amassed an asset base totaling over $4.2 billion of commercial real estate in Sunbelt markets, operating as an integrated real estate investment firm utilizing discretionary private equity partnerships that manage institutional capital for institutional clients, including some of the country’s top college endowments, charitable foundations, and family offices as investors.
Stonelake plans on building both an office and apartment tower as well as a hotel on a site it purchased for $10 million in Dallas’ Deep Ellum neighborhood, under its 5th & Colorado project name, featuring 318 luxury apartments designed by Houston-based ZCA Residential – construction will begin later next year.
Though the market may have shown signs of recovery, the US commercial property sector remains unpredictable for owners. Highly cyclical and plagued with an oversupply of retail space, it has forced some investors to reduce their investments in commercial real estate.
The coronavirus pandemic is another cause of US commercial real estate’s poor performance. Companies were forced to postpone or cancel office move-ins or leasing activities during this time, leading to decreased demand for rental units.
Stonelake Capital Partners believes the market is slowly bottoming out and anticipates its recovery over the long term. Their investment strategy targets high-growth markets by purchasing well-positioned assets that benefit from increased population, income, and employment.
Managing Partner Travis Eickenhorst
Stonelake Capital Partners is a real estate investment firm with offices and multifamily properties in Sunbelt markets across Texas and Colorado. Their investments come from public pension funds, university endowments, charitable foundations, and hospital systems – and they have an impressive $4.2 billion in Sunbelt market assets under management. Operating for 16 years already with an excellent track record.
Stonelake does more than acquire and develop property; it also invests in distressed debt investments with an impressive track record in resolving troubled loans, financing over $20 billion of commercial real estate debt loans over time. Their senior management team boasts extensive expertise in financing and executing real estate transactions.
Georgetown Logistics Park, the company’s most recent project, is a 1.2 million-square-foot distribution center in Austin’s SH 130 submarket. Designed to house e-commerce, last-mile delivery, warehouse/distribution tenants, and local employers’ expanding distribution needs, the site features high visibility.
This new building will include a 426,240-square-foot cross-dock building with 82 trailer parking stalls and a 40-foot clearance height and a 123,200-square-foot shallow bay rear-loaded installation featuring a 36-foot clearance height – both constructed simultaneously to be fully leased out by 2023. Furthermore, the company intends to purchase additional warehouse properties in the market in future acquisitions.
Stonelake Investment Group LLC was established in 2007 and since has acquired more than $3 billion worth of industrial properties across the US. Investors include college endowments and private family offices. Kenneth Aboussie has over two decades of real estate investment experience as one of its co-founders.
According to Comparably, the average salary of StoneLake Capital Partners employees is an impressive $249,689. Seventeen employees work at this company, with Sales being the most highly compensated department, followed by Finance and Administration.