Stoneweg, the real estate investment adviser and asset manager with operations and capabilities across Europe and the United States, has acquired a 688-unit residential asset in the Metropolitan Area (MSA) of Tampa-St. Petersburg in Florida, USA, for $114 million in a Joint Venture with Hartford Investment Management Company (“HIMCO”), a respected institutional investor in the market.
Trellis at the Lakes Apartments (“Trellis”) is the largest acquisition made by Stoneweg’s US business and is its first deal in St. Petersburg, where the company’s US headquarters is located. The transaction brings Stoneweg’s US multifamily portfolio to 13,000 units, with a total value of $1.2 billion. Residential property (development and income) now makes up around 60% of Stoneweg’s entire €4 billion portfolio in Europe and the US.
Trellis was built in 1982 on a c. 232,000 sqm site with the units consisting of 1 and 2-bedroom apartments. Unit features include modern appliances, granite countertops, vinyl wood flooring and walk-in wardrobes, while exterior amenities include two premium fitness centres, resort-style swimming pools, high quality landscaping and lakeside walking trails.
The property is centrally located in the Gateway submarket of St. Petersburg just minutes from major highway I-275, SR 694 and the bustling 4th Street. The site is within 3 miles of 83,000 jobs and in close proximity to major local employers including Jabil, Raymond James, Spectrum, HSN and Honeywell, as well as the burgeoning downtown St. Petersburg, downtown Tampa, Tampa’s Westshore District, top-rated beaches and major retailers.
Stoneweg will undertake a significant asset management and value-add programme that includes interior renovations and expanding the amenities on offer to add racquetball, basketball and golf facilities.
In the US, Stoneweg specialises in multifamily real estate investment and development, focussing on assets that are positioned for strong growth, which enable delivery of increasing investor returns and the improvement of the resident experience through a variety of value-add strategies.
Stoneweg is a real estate investment adviser and asset manager established in 2015 and headquartered in Geneva, Switzerland. The firm leverages in-house local operational teams to source, develop and manage real estate investments.
Stoneweg has dedicated presence in Switzerland, the United States, Spain, Italy, Andorra and Ireland, enabling many of the operational aspects of the firm’s investments to be carried out in house and locally.
To date, Stoneweg has executed and advised on over €4 billion of real estate investments across different sectors including developments.
Stoneweg has completed more than 270 acquisitions alongside best-in-class partners since 2015.
HIMCO has been providing investment advice for over 35 years. With over 130 investment professionals and approximately $102 billion in assets under management (as of September 30, 2020) across the fixed income, alternative and equity markets.
Source : SW