St. Petersburg, FL: Stoneweg U.S. LLC (Stoneweg US), a real estate investment firm specializing in multifamily acquisitions and developments, today announced the acquisition of Montana at Bowery Park, a 161-unit, mixed-use, multifamily community in the highly desirable Lewisville/Flower Mound submarket of Dallas, TX.
“Having strategically unloaded several Dallas assets earlier this year, Montana at Bowery Park provided an excellent opportunity for us to reenter a primary US market that has welcomed an influx of 1.2 million new residents over the last 10 years,” said Matt Levy, EVP & Head of Investments for Stoneweg US. “Montana at Bowery Park is a unique asset with a number of compelling attributes that will make it a stand-out property for our portfolio in the long-term.”
Having completed construction in 2018, the Class-A, Montana at Bowery Park community offers residents a wide array of amenities coupled with thoughtfully designed units which include: custom wood cabinetry, high-ceilings, modern stainless-steel appliances, granite countertops, and oversized bathrooms with double-vanities in select floorplans. Onsite amenities include: a spacious community pool equipped with a grilling station and clubhouse; fitness center, ample parking, and proximity to the community’s premier retailers. The property adjoins 70,000 sq ft of retail and office space, of which 10,000 sq ft is included in Stoneweg US’s acquisition. Stoneweg US expects to convert the vacant commercial space into additional tenant amenity space, as well as residential space, adding 4 luxury units to the property upon takeover increasing total unit count to 165. Additionally, Montana at Bowery Park is Green Globes Certified, offering an attractive ESG component that made this transaction even more appealing.
Stoneweg US will deploy an extensive Capex plan to elevate the property’s amenity set, curb appeal and ESG platform. Enhanced amenities will include a new resident clubhouse, dog park and outdoor courtyard, as well as the addition of washer/dryer combos to all units, enhanced landscaping, and general asset preservation. The property’s ESG platform is planned to be enhanced with the addition of new electrical vehicle charging stations and ‘smart’ technology home packages. Lastly, the property will undergo a property name change accompanied by new signage.
“Given the limited housing supply in the Lewisville submarket, we’re excited to implement this robust capex plan that will deliver additional value to existing and new residents of Montana at Bowery Park,“ said Garrett Pisarik, Director of Acquisitions for Stoneweg US. “We expect this transformation to lay the blueprint for quality living solutions for owners and developers looking to enter this booming submarket.”
RPM Living will oversee operations at Montana at Bowery Park on behalf of Stoneweg US.
About Stoneweg US LLC: Stoneweg U.S. LLC is a multifamily real estate investment firm located in the heart of downtown St. Petersburg, FL, with a portfolio valuation of approximately $2.0 Billion comprised of ~15,000 units. Dedicated to redefining multifamily housing, the company invests in and develops communities through sustainable housing solutions and proven value-add strategies to drive healthy returns and enhance the resident experience. For more information on Stoneweg US, please visit: www.stoneweg.us.