Stoneweg US Acquires 348-Unit Wild Oak Apartments in High Growth Kansas City, MO Submarket
St. Petersburg, FL- Stoneweg U.S. LLC (Stoneweg US), a real estate investment firm specializing in multifamily acquisitions and developments, today announced the acquisition of Wild Oak Apartments, a 348-unit community located in the Northland (Liberty) submarket of Kansas City, MO; a major US market, which has experienced positive net migration for the last several years and continues to show strong growth indicators in the future.
“We’re pleased to announce the acquisition of Wild Oak Apartments, an asset located in one of the premier submarkets of the high-performing Kansas City MSA,” said Matthew Levy, Executive Vice President & Head of Investments for Stoneweg US. “Securing an asset of this caliber during such a difficult and volatile time in the market gives us great momentum as we head into Q4.”
Located in the highly desirable Northland submarket, Wild Oak Apartments features 348 units consisting of 1, 2, and 3-bedroom apartments with a moderate amenity suite that includes two onsite pools, a full-sized basketball court, volleyball court, two-story clubhouse, and over 500 parking spaces including 58 detached garages and 54 carports.
Stoneweg US will implement an aggressive capex plan upon takeover that will include extensive sustainability initiatives as well as unit and property improvements. Beginning immediately Stoneweg US will begin benchmarking energy, water & waste using Energy Star Portfolio Manager and implement a community recycling program. Internal upgrades will include new granite countertops, subway tile backsplashes, Water Sense plumbing fixtures, stainless-steel Energy Star appliances, cabinet refinishing, and washer/dryer additions to all units; while external upgrades will consist of pool area improvements including grilling stations and new pool furniture additions, new fitness center equipment, painting of parking and common areas, and installation of a new package locker system for residents. The Company will also enter into a programmatic HVAC replacement plan, manage water and electricity consumption with market best practices and examine the existing solar installation to optimize energy production in accordance with the Company’s keen focus on incorporating environmental sustainability solutions throughout its portfolio.
“With population growth upwards of 7% in this area, and compressed supply for renters looking to penetrate this submarket, our team is looking forward to the transformation of Wild Oak Apartments,” said Ryan Smyth, Director of Acquisitions. “We’re confident that our proposed business plan will elevate the curb appeal for prospective renters while enhancing the experience for existing residents and positioning the asset for favorable future results.”
Stoneweg US has appointed Greystar as the property manager to oversee operations at Wild Oak Apartments.
About Stoneweg US LLC: Stoneweg US is a multifamily real estate investment firm located in the heart of downtown St. Petersburg, FL, with a portfolio valuation of approximately $2.0 Billion comprised of ~15,000 units. Dedicated to redefining multifamily housing, the company invests in and develops communities through sustainable housing solutions and proven value-add strategies to drive healthy returns and enhance the resident experience. For more information on Stoneweg US, please visit: www.stoneweg.us.