St. Petersburg, FL- Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, today announced the closing of Lochwood Apartments in New Albany, IN. The latest acquisition increases the Company’s market presence in the Louisville MSA to seven and brings the Company’s portfolio to 13,000 units.
“The New Albany submarket has seen a considerable uptick in positive net migration in the last few years due to strong economics and massive job opportunities,” said Ryan Reyes, Chief Investment Officer for Stoneweg US. “Our success with other assets in neighboring markets gives us valuable insight on how best to manage market needs, maximize operations, and drive occupancy at Lochwood.”
Built in 1989, and located 10 minutes from Louisville, KY, Lochwood is poised to attract an influx of young professionals given the number of leading Fortune 500 companies including UPS, Ford Motor Company, and Humana Inc., with corporate headquarters in Louisville. The property features 200 spacious units averaging over 1300 sq ft which outranks New Albany’s average apartment size. The well-preserved property currently features standard-grade amenities which Stoneweg US will look to enhance with an aggressive CAPEX plan totaling approximately $2.8MM.
Scheduled improvements include the conversion of two garage bays to a state-of-of the-art fitness center; upgrading the pool area with a paved deck, modern furniture, and grilling station; and the addition of a playground. Full unit renovations will add stainless steel appliances, washer-dryer combos, and new kitchen and bathroom cabinets featuring modern finishes. The extensive Capex plan, coupled with asset preservation measures, are sure to elevate the property’s curb appeal for potential renters.
“We’re confident that Lochwood’s transformation will exceed market expectations and secure its position as a premier and desired living solution for new renters in the area,” said Ryan Smyth, Director of Acquisitions for Stoneweg US.
Lochwood will be managed by the PMR Companies LLC who oversees operations at Stoneweg US assets in Louisville and Indianapolis.
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 13,000 units valued over $1.35 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.