Stoneweg U.S. Expands Development Reach to Jacksonville MSA with Acquisition of Old Jennings
St. Petersburg, FL: Stoneweg U.S. LLC (“Stoneweg US”), a real estate investment firm specializing in multifamily acquisitions and developments, announced the acquisition of Old Jennings, in Middleburg, FL, which rolls up to the bustling Jacksonville MSA, and represents the Company’s third major project in its growing multifamily apartment development pipeline. Stoneweg US will utilize 15 acres to build a 316-unit multifamily apartment community, reserving 7.5 acres on the 22.5-acre site for green space.
“Old Jennings is an exciting addition to our growing development portfolio,” said Mark Rios, Director of Development for Stoneweg US. “Jacksonville has steadily seen positive net migration for the last several years and continues to be a popular tourist destination for its rich history and cultural scene, so our ability to capitalize on such a strong submarket bodes very well for our proposed construction of Old Jennings.”
Old Jennings is conveniently located in the north central area of Clay County with close proximately to major highways, employers, shopping sites and cultural attractions. Following construction, the multifamily apartment community will consist of 1,2, and 3-bedroom units with ample square footage for growing families. Amenities will be first-class and inclusive of an expansive clubhouse with swimming pool, garage and storage availability, a dog park and quality fitness center. All units will be fully equipped with energy efficient appliances and stand-out finishes, and the multifamily community will adhere to the highest sustainability practices with respect to waste reduction, water efficiency and energy usage.
Jacksonville-based, Boldline Design Group, will serve as the lead architect; Almond Engineering has been appointed as the project’s civil engineer; and WhiteSpace will serve as the Building Technology Advisors. Stoneweg US will also submit the project for Green Globes Certification in accordance with its commitment to incorporate sustainability best practices throughout each development they build.
“Our goal is to grow an aggressive and robust multifamily development pipeline that incorporates sustainability and community within all stages of the construction,” said Sam Palmer, EVP, Asset Management and Development. “Old Jennings checks all the boxes in that regard.”
Groundbreaking for Old Jennings is targeted for Q3 of 2022 with an anticipated construction cycle of approximately 24 months.
About Stoneweg US Stoneweg US is a multifamily real estate investment firm located in the heart of downtown St. Petersburg, FL boasting a portfolio valuation of $1.9 Billion comprised of ~14,000 units. Dedicated to redefining multifamily housing, we invest in and develop communities through sustainable housing solutions and proven value-add strategies to drive healthy investor returns and enhance the resident experience. For more information on Stoneweg US, please visit: www.stoneweg.us.