Stoneweg acquires 688-unit Florida unit residential property for USD114m
Stoneweg, a real estate investment adviser and asset manager with operations and capabilities across Europe and the United States, has acquired a 688-unit residential asset in the Metropolitan Area (MSA) of Tampa-St Petersburg in Florida, USA, for USD114 million in a joint venture with Hartford Investment Management Company (HIMCO), an institutional investor in the market.
Trellis at the Lakes Apartments (Trellis) is the largest acquisition made by Stoneweg’s US business and is its first deal in St Petersburg, where the company’s US headquarters is located. The transaction brings Stoneweg’s US multifamily portfolio to 13,000 units, with a total value of USD1.2 billion. Residential property (development and income) now makes up around 60 per cent of Stoneweg’s entire EUR4 billion portfolio in Europe and the US.
Trellis was built in 1982 on a c232,000 sq m site with the units consisting of one and two-bedroom apartments. Unit features include modern appliances, granite countertops, vinyl wood flooring and walk-in wardrobes, while exterior amenities include two premium fitness centres, resort-style swimming pools, high quality landscaping and lakeside walking trails.
The property is centrally located in the Gateway submarket of St. Petersburg just minutes from major highway I-275, SR 694 and the bustling 4th Street. The site is within three miles of 83,000 jobs and in close proximity to major local employers including Jabil, Raymond James, Spectrum, HSN and Honeywell, as well as the burgeoning downtown St. Petersburg, downtown Tampa, Tampa’s Westshore District, top-rated beaches and major retailers.
Stoneweg will undertake a significant asset management and value-add programme that includes interior renovations and expanding the amenities on offer to add racquetball, basketball and golf facilities.
Patrick Richard, Chief Executive Officer at Stoneweg US, says: “This deal presented us with an excellent opportunity to acquire a well-established residential asset in a market we know very well. Our expert asset management team will look to make further improvements that will help us drive values on behalf of our investors while maximising the potential for the site and creating the best possible environment for our residents and the community at large.”
In the US, Stoneweg specialises in multifamily real estate investment and development, focussing on assets that are positioned for strong growth, which enable delivery of increasing investor returns and the improvement of the resident experience through a variety of value-add strategies.