ST. PETERSBURG, Fla., Aug. 14, 2019 /PRNewswire-PRWeb/ -- St. Petersburg, FL: Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the successful acquisition of Memphis-based Lynnfield Place Apartments and Kansas City-based Maple Hills Apartments on August 13, 2019. These acquisitions bolster the Company's current portfolio to 59 properties at a valuation of approximately $900 million.
Built in 1973, Lynnfield Place Apartments features 400 units while Maple Hills Apartments boasts a total of 455 units and was built in 1969. "Lynnfield Place and Maple Hills are great additions to the Stoneweg portfolio. Both are located in prime locations, experiencing tremendous growth and increased job opportunities," said Ryan Reyes, EVP and Chief Investment Officer for Stoneweg US, "we're very excited about their potential value to the portfolio and our investors."
Stoneweg US will implement major rehab projects for both properties consisting of extensive internal and external renovations that will include unit renovations, property landscaping and the construction of outdoor amenities such as clubhouses, trendy dog parks and modern common area amenities for its residents. In total, Stoneweg US will invest over $8 million in capital improvements with the funds being distributed evenly between the two properties towards internal and external CapEx.
"We've developed a very attractive rehab strategy for these two properties that will include something for both the residents and our investors" said Patrick Richard, CEO of Stoneweg US, "the future for Lynnfield Place and Maples Hills looks very bright."
BH Management will be the property manager for Lynnfield Place Apartments, while Bridge Property Management will serve as the property management company for Maple Hills Apartments.
Stoneweg US has multiple properties under contract and expects to close out 2019 with over 12,500 units in its portfolio.
About Stoneweg US, LLC.
Stoneweg US is a multifamily real estate investment and development firm located in the heart of downtown St. Petersburg with a portfolio of 11,000 units valued at approximately $900 million. The Company invests in workforce housing properties positioned for strong growth and focuses on increasing investor returns, while improving the resident experience through a variety of value-add strategies. For more information on Stoneweg US, please visit: http://www.stoneweg.us.
SOURCE Stoneweg US, LLC
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