Stoneweg US Acquires Lake Maggiore and Coquina Key Shopping Plaza in St. Petersburg, FL, Marking Com
St. Petersburg, FL- April 20, 2021- Stoneweg US LLC, a real estate investment firm specializing in multifamily acquisitions and developments, today announced their first local workforce housing development deals in their native St. Petersburg, FL with the closing of Lake Maggiore and Coquina Key Shopping Plaza. Having recently acquired Trellis at the Lakes in St. Petersburg last November, the acquisition of the two parcels will expand the Company's overall presence in their hometown.
“Providing sustainable, resilient, and community-centric workforce housing to renters is an essential part of our DNA and critical to our corporate mission,” said Patrick Richard, CEO for Stoneweg US. “The acquisition of Lake Maggiore and Coquina Key provides an additional opportunity for us to provide renters in our St. Petersburg hometown with attainable and optimal living solutions which is key for us.”
Lake Maggiore, located in South St. Petersburg, and spanning 15-acres of land, will be a ground-up development adding workforce units to the community, while Coquina Key which encompasses 14.33 acres, will be a mixed-use development that features both retail space and workforce housing units. Both multifamily complexes, once delivered, will include market amenities that create value for residents and incorporate environmentally sustainable elements that are aligned with the Company’s ESG commitment.
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 12,700 units valued over $1.25 Billion. The Company invests in multifamily assets positioned for strong growth and focuses on increasing investor returns, while improving resident experience through a variety of value-add strategies. For more information, please visit: www.stoneweg.us.