Stoneweg US Plants First Stake in Houston, TX Market with the Acquisition of Ashford Apartments
Updated: Jul 22, 2022
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 Ashford Apartments, a 312-unit, Class A community located in the heart of Houston, Texas. The investment marks the company’s first acquisition in the ever-popular Houston MSA; the 5th largest MSA in the US.
“Historically, our Texas and neighboring Southwest market-based assets have performed well for us, so strategically, adding Houston to the mix made a lot of sense,” said Matthew Levy, Head of Investments for Stoneweg US. “With population growth projections surpassing 60% over the next 10 years in Houston, and steady job creation to accompany the accelerated growth, we’re extremely pleased to enter this robust market with such a high-caliber asset like Ashford Apartments.”
Conveniently located 17 miles west of Downtown Houston in the heart of the Energy Corridor, Ashford Apartments features 312 luxury units with modern designs that include 10’ ceilings, stainless steel appliances, smart thermostats, keyless unit entry, hardwood floors, rich mahogany cabinetry, built-in wine cellars, and floor-to-ceiling windows that provide ample natural lighting. Exterior amenities, best-in-class and superior to those of neighboring communities, include a 2-story elite fitness center, bark park, cycling studio, and grilling stations and pergolas to accompany a generous resort-style pool. Ashford’s ideal location offers immediate access to major highways for commuters traveling to popular Houston destinations and employment centers including the Energy Corridor, Texas Medical Center, and Downtown Houston, all home to some of the MSA’s largest employers.
“An abbreviated value-add strategy is anticipated to be applied to the already excellent condition of Ashford Apartments, thus allowing us to focus our attention on maximizing operations and delivering strong, long-term results,” said Director of Acquisitions, Garrett Pisarik.
RPM Living has been appointed to lead those efforts onsite and manage operations at Ashford Apartments.