St. Petersburg, FL: Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the successful acquisition of Kings Apartments on September 19, 2019. Based in Kansas City, MO, this acquisition, increases the Company’s current portfolio size to 60 total properties.
“Our acquisition goals for 2019 are to continue to identify high-growth markets and capitalize on multifamily opportunities such as what we’ve uncovered with Kings” said Chief Investment Officer Ryan Reyes. “This property is very strategic for us in terms of size, location, and future gains. It’s a great fit for our portfolio.”
Boasting 408 units, Kings Apartments is one of the largest residences in the burgeoning Kansas City, Jackson County market and contains a North and South division spanning approximately 22 acres of land collectively. Built in the early 70’s and late 80’s, the property is conveniently located near Cerner Corporation, and other major companies providing an attractive destination for young professionals and an even stronger demographic for investors.
The property’s previous ownership invested over $5MM in both interior and exterior renovations, including the installation of energy conservation solutions such as low flow toilets, showerheads and aerators in all units; which aligned perfectly with the Stoneweg US mission and played a huge part in the asset’s appeal.
“Kings Apartments has all the qualities we look for in deciding what assets make the most sense for our investors.” said Patrick Richard, CEO of Stoneweg US. “With primary renovations completed, there is no need to reinvent the wheel, which allows us to focus solely on growing the investment.”
Stoneweg US will implement its own capital improvement plan for Kings Apartments allocating an estimated $2.4MM for both unit and outdoor amenity renovations including: pool and sundeck enhancements, dog park upgrades, and the addition of an outdoor kitchen area for residents.
Kings Apartments represents the fourth multifamily housing development Stoneweg US has acquired in Missouri.
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 $900 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.