Stoneweg US Advances Geographical Footprint in Indianapolis MSA with Closing of Wylde at Eagle Creek
St. Petersburg, FL- Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, today announced the closing of Wylde at Eagle Creek, the Company’s fifth acquisition in the last 12 months in the Indianapolis MSA.
“Wylde at Eagle Creek is a hidden gem of a property that we’re very pleased to add to our portfolio,” said Ryan Reyes, Chief Investment Officer for Stoneweg US. “We were very fortunate to source another favorable off-market deal in the Indianapolis MSA, which continues to have strong growth indicators and attractive demographics that appeal to our diverse investment strategy.”
Named after the Northwest Indianapolis submarket of Eagle Creek in which it resides, Wylde at Eagle Creek was built in 1987. The charming and well-maintained property boasts 256 units, a spacious bark-park, modern clubhouse, sizable pool, fitness center, and a picturesque lake to complement its lush landscaping. Given the property’s deluxe curb appeal, and proximity to the I-465 main interstate, the Village at Eagle Creek shopping district, and downtown Indianapolis, the property is sure to be a popular destination for renters in search of first-class amenities and accessibility to everything Indianapolis has to offer.
Given the extensive renovations conducted by the Seller, Stoneweg US will commit a moderate $1.2MM in CAPEX that will primarily target unit upgrades to add washers and dryers to apartments and enhance exterior amenities such as the pool and common areas. The PMR Companies will serve as the Property Manager at Wylde at Eagle Creek and will oversee operations and lease-up efforts onsite.
“Wylde at Eagle Creek presented very strong investment fundamentals that we will definitely look to capitalize on from a value-add and lease-up perspective,” said Associate Director of Acquisitions Mike Cacciatore. “We’re excited to solidify its position as a superior asset in the sub-market, a lucrative opportunity for our investors, and an exceptional property to our growing portfolio.”
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.