Stoneweg US Acquires Brittany Place Apartments; Closes 2019 with Third Acquisition in Kansas City, M
St. Petersburg, FL: Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the successful acquisition of Brittany Place Apartments on December 20, 2019. Located in Raytown, MO, in the metropolitan area of Kansas City, this acquisition increases the firm’s total holdings in the state of Missouri to seven.
“With Kansas City being one of today’s fastest growing markets in the country, we’ve been very fortunate to capitalize on some great opportunities in 2019.” said Chief Investment Officer Ryan Reyes. “Brittany Place offers many of the same key demand drivers that we find both strategic and attractive.”
With a total of 144 units, Brittany Place has undergone $1MM in capital expenditures since 2016. Built in early 1972, with additional construction in 1984, the property offers generously spaced one-bedroom and two-bedroom units. Brittany Place is located roughly 2 miles away from the Innovation Campus of the technology giant Cerner Corporation. The Company invested $4.5 billion in this new corporate HQ which is home to over 16,000 jobs to the area and creates a strong demand for housing in nearby cities such as Raytown.
Stoneweg US will introduce its own capital expenditure plan; committing approximately $2MM in property upgrades in 2020. The robust plan will focus on significant interior upgrades as well as on expanding and enhancing external amenities on the property which totals 7.37 acres. Improvements will include: a sprawling dog park, upgraded pool furniture and accessories, outdoor kitchens for common areas and enhanced landscaping. The plan also includes marketing initiatives that will introduce new branding, signage and positioning of the property in order to appeal to a broader renters’ base.
“We’re looking forward to kicking off 2020 with the execution of our CAPEX plan at Brittany Place, we believe it has the potential to be a really strong asset for us.” said Chief Executive Officer Patrick Richard.
Stoneweg U.S. announced the acquisition of The Kings Apartments and Eastwood Crossings, both located in Kansas City, earlier this year. CAPEX plans for both properties are well underway and expected to continue into 2020.
About Stoneweg US
Stoneweg US is a multifamily real estate investment and development firm located in the heart of downtown St. Petersburg with a portfolio of over 11,000 units valued at approximately $950 million. The Company invests in multifamily assets 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: www.stoneweg.us.