St. Petersburg, FL- Stoneweg US, a real estate investment Company specializing in multifamily acquisitions and developments, announced the acquisition of Harrison Point Apartments in Indianapolis, IN on October 1st. Harrison Point Apartments marks the Company’s first closing in the city of Indianapolis.
“The Indianapolis MSA is a very strong market with many attractive components for us, including strong population growth and great positive net migration,” said Chief Investment Officer Ryan Reyes. “We expect Harrison Point to be the first of many acquisitions to come in this thriving metro.”
Built in 1968, Harrison Point is a Class B property featuring 342 units, with 8 residential buildings spread across 25.6 acres. The property features a resort style pool, clubhouse, premium fitness center, outdoor entertainment areas, multiple soccer fields, and a new playground. Conveniently located within minutes from a vibrant downtown Indianapolis, major Fortune 500 Companies including Anthem, Eli Lily and Simon Property Group, as well as the Indiana University-Purdue University Indianapolis (IUPUI) Campus, Harrison Point will attract a highly diverse and dynamic demographic.
Stoneweg US will dedicate ~$1.1MM in Capex for various upgrades including a full sustainability package, updated pool furniture, outdoor kitchens, soccer field enhancements and lush landscaping throughout. The previous owner invested $3.7MM in property enhancements since 2011 providing ideal conditions for the Company to capitalize on.
“The excellent condition of Harrison Point played a substantial role in our decision to acquire it,” said Mike Cacciatore, Investment Associate for Stoneweg US. “The better condition the asset is in, the more hyper-focused we can be on management optimization in order to maximize property performance.”
Long-term Stoneweg US partner, The PMR Companies, will assume property management responsibilities at Harrison Point on October 1st.
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.