Stoneleigh Companies

What Stoneleigh Companies does

Stoneleigh Companies, LLC is a privately held real estate investment and development firm founded in 1983 by Rick Cavenaugh and headquartered in Barrington, Illinois. The company develops, owns, operates, and selectively divests Class A multi-family apartment communities through a national platform that has delivered more than 42,000 units across 40 cities and 21 states over its history; its current operating footprint spans 30+ properties in 13 states. Day-to-day property management is executed through the wholly owned affiliate Waterford Residential, LLC, while a differentiated sub-brand — Savannah Living — focuses on single-story build-to-rent communities with attached garages targeting the 35-55 demographic. Active communities include Waterford Pointe (South Carolina), Savannah at Rochester (Minnesota), Savannah at Ankeny (Iowa), Savannah at Pike Creek (Wisconsin), Savannah at Waterford Village (Michigan), Waterford Bluffs (Ohio), Waterford Bay (Minnesota), One Uptown (Texas), and One Arlington (Illinois), with rents ranging from approximately $1,357 to $3,135 per month and 98.5% portfolio occupancy.

The company's business model combines recurring rental income from owned and operated Class A communities with periodic property dispositions. Revenues flow through monthly residential leases (subscription/recurring model) and one-time gains on the sale of stabilized assets to institutional buyers once investment fundamentals or optimal hold periods are reached — a track record that includes sales of Waterford Trails, Lofts at Red Mountain, Switchyard Apartments, Waterford Market, and L3 Apartments between 2017 and 2024. Go-to-market is direct-to-consumer: each property maintains its own website with online leasing, backed by on-site leasing offices, while institutional capital is sourced through long-standing relationships with lenders (KeyBank, CBRE-originated Fannie Mae debt) and brokers. Construction is outsourced to repeat partners such as CopperRock Construction, Marous Brothers Construction, Vocon, and BKV Group. Tenants are primarily Class A apartment renters seeking luxury finishes, amenity-rich communities, and (in the Savannah-Living line) single-story, garage-equipped homes; the secondary "customer" is the institutional investor base funding acquisitions and developments.

Stoneleigh's underlying technology stack is conventional for the asset class — SALTO keyless access, Energy Star-rated R49 ceiling insulation, and high-efficiency HVAC systems — with no disclosed AI, data, or platform-software capabilities. Strategic execution is founder-led (Rick Cavenaugh as CEO, James B. O'Kane as CIO) and emphasizes disciplined site selection in growing Midwest markets, Opportunity Zone utilization for tax-advantaged projects, and capital recycling to fund new Savannah-Living developments and selective Class A/B acquisitions.

Name

Stoneleigh Companies

Legal name

Stoneleigh Companies, LLC

Website

https://waterfordresidential.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

11–50 employees

Short description

Stoneleigh Companies is a private Barrington, IL-based real estate investment firm that develops, owns, and operates Class A multi-family apartment communities — including the Savannah-Living build-to-rent brand — across more than 13 U.S. states, serving residential tenants and institutional capital partners.

Ownership category

akta.pro rank

Product category

Multi-family Real Estate Development and Property Management

NAICS

Residential Property Managers (531311), Real Estate Property Managers (53131), Offices of Real Estate Agents and Brokers (5312), New Single-Family Housing Construction (except For-Sale Builders) (236115)

SIC

Operators Of Apartment Buildings (6513), Real Estate Agents & Managers (For Others) (6531), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industries

Single-Family Rental (SFR) Property Management (BPAJAFAB), New Construction & Builder Sales (BPAJAAAB)

Keywords

• Multi-family real estate development
• Class A apartment communities
• Build-to-rent housing
• Property management services
• Real estate investment

Headquarters

HQ city

Barrington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Multi-family Property Rental Income: Revenue generated from leasing Class A apartment units across their portfolio of multi-family communities, including build-to-rent single-story homes under the Savannah-Living brand. Operating portfolio is reported at 98.5% leased.
2. Property Disposition: Revenue from the sale of developed apartment communities when investment fundamentals no longer align with investor base or optimal holding period is reached. Track record of selling properties including Waterford Trails, Lofts at Red Mountain, Switchyard Apartments, and others.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Stoneleigh Companies acquires and develops Class A multi-family apartment communities and operates them through its property management affiliate Waterford Residential. Its flagship offering is the Savannah-Living brand of single-story build-to-rent luxury communities with attached garages and amenity-rich environments. Revenue is generated from monthly rental income across the owned portfolio and from periodic property dispositions.

Product overview

Stoneleigh Companies operates through its property management affiliate Waterford Residential, managing a portfolio of Class A multi-family apartment communities. The company's flagship product is the Savannah-Living brand, a series of single-story build-to-rent luxury communities featuring superior amenities across Wisconsin, Michigan, Iowa, Minnesota, and South Carolina. The portfolio includes occupied communities, properties under construction, and pre-development projects. Additional branded communities include Waterford Pointe, Waterford Bluffs, Waterford Bay, One Uptown, and One Arlington apartments across Ohio, Texas, Illinois, Minnesota, and South Carolina. The company has a track record of over 42,000 units developed in 40 cities across 21 states since 1983.

Differentiator

Problem solved

Functional benefit

Brands

• Savannah Living: Series of single-story build-to-rent communities featuring superior amenities, floor plans and locations. Currently operating in Wisconsin, Michigan, and Iowa with plans for expansion.

Products and services

• Savannah-Living (Build-to-Rent Brand) A series of single-story build-to-rent luxury apartment communities featuring attached two-car garages, superior amenities, and family-friendly floor plans; targeting residential renters aged 35–55 across the Midwest.
• Waterford Residential Property Management Property management services for a portfolio of Class A multi-family apartment communities, providing service-oriented management professionals to deliver a superior residential lifestyle.
• Waterford Pointe Apartments Class A luxury apartment community in Hardeeville, South Carolina, featuring single-story one-, two-, and three-bedroom homes; currently in pre-development.
• Savannah at Rochester 178-unit build-to-rent townhome development featuring single-story apartments across 30 buildings with two-car garages in Rochester, Minnesota.
• Savannah at Ankeny 222-unit Class A luxury apartment community in Ankeny, Iowa, featuring 36 buildings with single-story one-, two-, and three-bedroom homes ranging from 905 to 1,617 square feet.
• Savannah at Pike Creek 190-unit Class A luxury apartment community in Kenosha, Wisconsin, featuring single-story one-, two-, and three-bedroom homes with attached garages; rental rates from $1,700 to $2,800 per month.
• Savannah at Waterford Village Class A luxury apartment community in Grand Rapids, Michigan, featuring 39 single-story buildings with one-, two-, and three-bedroom homes and extensive amenities (fitness studio, resident lounge, business center, outdoor terraces, bark park); one-bedroom starting at $1,900/month.
• Waterford Bluffs Apartments 241-unit Class A luxury apartment community in Cleveland, Ohio, featuring studio, one-, and two-bedroom units with premium finishes; one-bedroom (704 sq ft) at $1,905/month, two-bedroom (1,055 sq ft) at $3,135/month.
• Waterford Bay Apartments 243-unit luxury multifamily development in St. Paul, Minnesota, featuring micro-units, studios, one-bedroom, and two-bedroom apartments along the Mississippi River.
• One Uptown Apartments Luxury high-rise apartment community in Dallas, Texas, offering one-bedroom and studio units in a 20-story tower.
• One Arlington Apartments Luxury Class A apartment community in Arlington Heights, Illinois.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• ArtLiftingminorStrategic or Co-development Partner · 16 February 2024ArtLifting is a corporation that connects businesses with talented artists around the nation that have been impacted by homelessness or disabilities. Savannah at Waterford Village partnered with ArtLifting to display pieces from seven artists in the Residence Club and Lodge, making a positive impact on these individuals' lives.
• VoconcoreImplementation/ SI/ Consulting Partner · 1 January 2021Architecture firm engaged as architect for Waterford Bluffs luxury apartment building in Cleveland's Duck Island enclave.
• Marous Brothers ConstructioncoreImplementation/ SI/ Consulting Partner · 1 January 2021General contractor for Waterford Bluffs project in Cleveland's Tremont neighborhood.
• BKV GroupcoreImplementation/ SI/ Consulting PartnerMultidisciplinary design firm that completed design work on Waterford Bay, a four-story, 243-unit multifamily development in St. Paul, Minnesota. Provided full-service model including planning, architecture, structural/mechanical/electrical engineering, interior design, and landscape architecture.
• Koetje BuildersminorOthersHomebuilder that purchased 68 single-family home lots from Stoneleigh at the Savannah at Waterford Village development site to construct homes.
• CopperRock ConstructioncoreImplementation/ SI/ Consulting PartnerGrand Rapids-based construction company engaged as general contractor for Savannah at Waterford Village 250-unit development.
• NAI Wisinski of Western MichiganminorChannel Partner/ Reseller/ DistributorCommercial real estate brokerage listing the commercial property at Savannah at Waterford Village for sale.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Greystar Real Estate Partners: Largest U.S. multifamily developer, owner, and manager with a national platform spanning investment management, development, and property management. Comparable to Stoneleigh as a vertically integrated multifamily operator but operates at materially greater scale with institutional capital backing.
• Lincoln Property Company: National multifamily developer and third-party property manager operating across investment management, development, and management services. Comparable to Stoneleigh's integrated development-plus-management model with both owned portfolio and fee-management revenue streams.
• Camden Property Trust: Public multifamily REIT owning and operating Class A apartment communities across the Sun Belt and Midwest. Comparable to Stoneleigh in Class A product positioning with overlapping footprint in TX, FL, and Midwestern markets.
• JLL Multifamily (formerly MAAC): Global real estate services firm with a multifamily investment sales, debt origination, and management platform. Comparable through CBRE-originated Fannie Mae financing relationships Stoneleigh has historically accessed.

Direct peers

• RangeWater Real Estate: Privately-held multifamily developer focused on Sun Belt and secondary-market Class A communities with build-to-rent single-family product. Closely comparable to Stoneleigh's Savannah-Living concept and similar geographic footprint in growth markets.
• Trammell Crow Residential: National developer of Class A multifamily communities owned by CBRE Group. Directly comparable to Stoneleigh's Class A development-and-disposition model and historical relationship with CBRE-originated financing.
• Mill Creek Residential Trust: National multifamily developer focused on Class A garden-style and mid-rise communities in high-growth U.S. markets. Comparable to Stoneleigh in develop-and-hold strategy with similar unit-size and amenity positioning.
• RPM Living: National multifamily property management and investment firm serving institutional and private owners. Comparable to Waterford Residential's third-party management capabilities with broader national scale.
• Dominium Management Services: National multifamily developer and manager focused on market-rate and affordable housing across the Midwest. Comparable to Stoneleigh's Midwest-centric Class A footprint and integrated development-management model.
• BH Management Services: Multifamily property management and investment firm managing Class A communities for institutional owners. Comparable to Waterford Residential's third-party management focus and Class A positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/stoneleigh-companies

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stoneleigh Companies