In August 2010 Cornerstone and a partner with industry experience committed to investing $20 million of equity alongside an experienced management team in building wireless/cellular towers. Apex Towers design, build and support both livewire and wireless telecommunication infrastructure for cellular, government, financial and healthcare clients. Apex, based in Beckley, West Virginia, has a current tower portfolio of 37 towers with 41 tenants. In late 2014, Apex agreed to sell 22 towers to SBA Communications for $12.7 million. In February 2015, Apex closed on the sale of 20 of those towers for $10.5 million. Our current plan is to develop 10-12 solid tower sites per year while opportunistically selling towers as they mature and good market conditions exist.
Cornerstone holds ~33% of the equity in Apex.