St. Petersburg, FL: Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, today announced the acquisition of Residences at Echelon, a Class A, newly constructed, garden-style community in Lee’s Summit, MO. This acquisition brings the Company’s total holdings in the Kansas City MSA to five.
“Our current KC portfolio primarily consists of value-add assets,” said Chief Investment Officer for Stoneweg US, Ryan Reyes. “Residences at Echelon gave us a great opportunity to add a newly-constructed, high-quality grade asset to the portfolio that allows us to diversify and provide great returns to our investors in this hyper growth market that shows no signs of slowing down in the imminent future.”
Residences at Echelon, officially opened its doors in early 2021, and was 97% occupied upon takeover. The upscale community features 243 lavish units and is located in Lee’s Summit, a highly desirable and diverse Kansas City submarket. Possessing excellent curb appeal, the property consists of 1, 2, and 3-bedroom luxury-grade apartments equipped with trendy and sophisticated unit features like quartz countertops, island kitchens, tile backsplashes, and stainless-steel appliances. Designed to compliment the chic interiors and inspire a resort-like atmosphere on the grounds, outdoor amenities include a picturesque pool and clubhouse, pickleball courts, bocce ball courts, a 24-hour fitness center, dog park and pet spa, and ample storage options for residents.
Kansas City is home to major employers such as Honeywell and Cerner Corporation as well as several government agencies which provide jobs to over 20,000 employees in the area; and the MSA’s unemployment rate ranks well below the 5.2% national average at 3.8%.
“Given the positive job growth, lower cost of living, and top tier school system in Lee’s Summit, the area has experienced a massive influx of employees and growing families that will continue to drive the demand for standout properties like Residences at Echelon,” said Mike Cacciatore, Director of Acquisitions for Stoneweg US. “We feel really good about being on the receiving end of these favorable tailwinds and look forward to high-caliber opportunities in this healthy market in the future.”
Stoneweg US will implement a high-level business plan focused on maintaining efficient operations, driving occupancy, and elevating the resident experience. Greystar Property Management, who oversees operations at several properties for Stoneweg US, will serve as PM at Residences at Echelon.
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