Stoneweg US Surpasses $1 Billion in Total Portfolio Value; Acquires Two Class A Properties in Expand
St. Petersburg, FL: Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the closing of two acquisitions (total of 328 additional units), bolstering its total portfolio value to $1 Billion on February 28, 2020.
Currently ranked #7 on Wall Street Journal’s 2020 Hottest U.S. Job Markets listing, Raleigh-based Sumerlyn Apartments represents the Company’s second acquisition in the burgeoning metro.
“As one of the top emerging markets in the U.S., Raleigh has been on our radar for quite some time,” said Ryan Reyes, Chief Investment Officer for Stoneweg US. “The acquisition of Sumerlyn Apartments will allow us to capitalize on the dynamic demographics of this growing market and deliver favorable returns to our investors in a relatively short period of time.”
Built in 2014, and conveniently located close to downtown Raleigh with direct access to major employers, Sumerlyn Apartments is a Class A, garden-style residence featuring 124 units with 2-bedroom apartments and ample exterior amenities including: a clubhouse, grilling areas, and pool. Stoneweg US will commit $650K to capital expenditures in 2020 which will not only include unit value-add improvements, but a complete rebranding strategy to reintroduce the residence to the community. The rebrand will entail a new name, new logo, and signage as well as a revamping of the current landscaping to mimic the new positioning of the property.
“Sumerlyn Apartments is a quality property located in the heart of one of the fastest growing cities in the country,” said Patrick Richard, CEO of Stoneweg US. “Our goal is to elevate the look and feel of this property and establish it as the premier residence destination for families and professionals seeking quality living in the area.”
Located in the Southwest, the second acquisition is a Class A property, built in 2010 featuring 204 units. The property will receive $2MM in capital improvements split across interior and exterior upgrades. Exterior enhancements include: a large-scale clubhouse remodel, the addition of a dog park, outdoor kitchen, new pool furniture, a new playground and full exterior paint. The property will also undergo a complete rebrand including a new name and logo.
With these deals, the Company now boasts over 11,500 units and celebrates a new milestone by increasing its portfolio value to $1 Billion.
St Petersburg, FL, March 2nd, 2020