Stoneweg US Announces Second Acquisition in Raleigh MSA; Closes on Cleveland Crossing Apartments
St. Petersburg, FL- Stoneweg US, a real estate investment firm, specializing in multifamily acquisitions and developments, today announced its second acquisition in the Raleigh (NC) MSA with the closing of Cleveland Crossing Apartments, the fifth for the Company’s SW Fund I LP.
“Cleveland Crossing Apartments was sourced off-market during the COVID-19 Pandemic. With its first-class amenities and optimal location, we believe this is a great investment in a rapidly growing Raleigh suburb,” said Ryan, Reyes, Chief Investment Officer for Stoneweg US. “We are excited to partner on the first of what we hope to be many deals with our new partner Loci Capital.”
Cleveland Crossing Apartments, an exceptional Class A property, was built in 2014 and is located in Garner, NC. The property boasts 170 units consisting of 1, 2 and 3-bedroom apartments, modern amenities inclusive of stainless-steel appliances, granite countertops, washer and dryer connections, and spacious floorplans with 9ft ceilings. A resort-style pool equipped with cabanas and grilling stations, a 24-hour fitness center, scenic walking trails, a billiards room, and trendy dog park are amongst the property’s quality amenities.
With Cleveland Crossing being minutes from a newly opened Amazon fulfillment center in Garner; Grifols, employer to 1500 employees; and the Research Triangle (Duke University, UNC at Chapel Hill, and North Carolina State University), the area is well-positioned for flourishing population growth in coming years.
“We have seen Raleigh undergo massive growth given its accessibility to prominent universities and employment hubs. As Raleigh continues to expand, Cleveland Crossing will benefit due to its proximity to Downtown Raleigh and ability to offer Class A amenities without the associated Downtown market rents,” said Mike Cacciatore, Investment Associate for Stoneweg US.
Stoneweg US plans to invest in a capital expenditure program to enhance the property’s amenity set including pool area updates, addition of an outdoor kitchen, landscaping, new property rebranding, and a full clubhouse renovation.
Rangewater Real Estate will be the property manager for Cleveland Crossing overseeing day-to-day property operations.
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 12,000 units valued over $1 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.