Stoneweg US Adds 360 Units to Growing Portfolio with Purchase of West End at Fayetteville Apartments
St. Petersburg, FL: Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, today announced the purchase of its first asset in the growing Fayetteville, NC submarket with the acquisition of West End at Fayetteville Apartments. This is the Company’s first property in burgeoning Fayetteville which is centrally located 40 miles from Raleigh.
“Our portfolio has several high-performing assets in major NC markets and submarkets, so we’re excited to add Fayetteville to that list,” said Ryan Reyes, Chief Investment Officer for Stoneweg US. “The combination of Fayetteville’s desirable growth indicators including positive net migration, rent projections, and job growth along with the standout quality of West End Apartments, made this an extremely advantageous opportunity for us.”
Built in 2013 and 2015, the posh, Class A residence features 360 units with a combination of upscale and family-centric amenities including a swimming pool, cozy fire pit, modern fitness center, onsite car wash, two spacious playgrounds, and two trendy bark parks. The previous owner invested over $400K to bolster the property’s curb appeal and updated 180 units with trendier finishes including subway tile backsplashes, new flooring, and washer and dryer equipment; providing optimal takeover conditions for Stoneweg US.
Conveniently located near Fort Bragg, one of the country’s largest military bases, Cape Fear Valley Health System (~6,000 employees), and Goodyear Tire and Rubber Plant (~65,000 employees), the property is sure to attract a diverse resident base.
Given the asset’s stellar condition and strong positioning, Stoneweg US estimates $1.6MM in capital improvements to complete remaining unit renovations, add washer/dryers, install LED lighting, and conduct exterior amenity upgrades.
“With its positive growth projections, prime location, and broad demographic appeal, the groundwork for success has already been laid out for us at West End at Fayetteville,” said Mike Cacciatore, Associate Director of Acquisitions at Stoneweg US. “Our collective focus now is on implementation and the solid execution of our business plan.”
Property Manager Hawthorne Residential Partners, who has a reputable property management presence in the area, will continue to oversee operations at the property.
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 $1.5 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.