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FOR IMMEDIATE RELEASE
For more information, please contact:
Stephen Keller, Principle
Creekstone Partners
713.621.5300
[email protected]
CREEKSTONE PARTNERS ACQUIRES NEARLY $70 MILLION
IN CLASS “A” MULTI-FAMILY ASSETS
HOUSTON, Nov. 3, 2004 – Houston-based Creekstone Partners, a division of Creekstone
Companies created early this year to acquire and manage multi-family and commercial real estate
assets, has acquired three Class A properties with a total value of nearly $70 million.
“All three of these properties are in strong locations and in markets that are poised for growth
in the multihousing market,” said Stephen Keller, principle and co-founder of Creekstone Partners.
“They are definitely a positive addition to our portfolio.”
Jackson Square and Polos on Park, both located in Tallahassee, Fla., were sold by The Western
and Southern Life Insurance Company. PNC Bank provided the financing. Jackson Square, located at
1767 Hermitage Blvd., was built in 1996 and has 242 units that range from 661 to 1,280 square feet.
Polos on the Park was built in 1999 and has 440 units ranging from 745 to 1,196 square feet. Both
Class A properties feature community recreation areas, executive business centers, fully equipped
fitness centers, lighted tennis courts, and indoor racquetball courts, as well as vaulted ceilings, scenic
views in selected units, and private patio/balconies.
-more-
Creekstone Partners Acquisitions/ Page 2 of 2
Parkside, a 300-unit gated apartment community in Charlotte, N.C., was sold by Centremark
Properties and PNC Bank provided the financing. Parkside, a Class A property located at 605 Candler
Lane, was built in 1999. The units, ranging from 704 to 1,273 square feet, feature 9-foot ceilings,
crown molding, garden tubs, garages and intrusion alarm systems. The community offers a fully
equipped fitness center, communications center, two lighted tennis courts, pool and a whirlpool spa.
Creekstone Partners’ executives expect to acquire 15-20 properties in 2004, with a value of
$400-500 million. The company currently has 12 other properties that are under contract or signed
Letter of Intent, as well as several that are in the acquisition pipeline.
Creekstone Partners, a division of Houston-based Creekstone Companies, was created in January
2004 to acquire and manage multi-family and commercial real estate assets throughout the country.
Creekstone Partners focuses on acquiring A & B multi-family properties with 150 plus units in
primary and secondary markets, and Class A & B retail, single-tenant and multi-tenant buildings with
a value of $20 - $100 million in primary and secondary markets. Creekstone Partners strengthens
Creekstone Companies’ multifaceted operations that also include Creekstone Builders, Creekstone
Management and Creekstone Capital.
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