St. Petersburg-based Stoneweg US buys apartment buildings in Memphis and Kansas City.
ST. PETERSBURG — Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, has acquired Memphis-based Lynnfield Place Apartments and Kansas City-based Maple Hills Apartments.
According to a press release, the acquisitions expand the St. Petersburg-based firm’s portfolio to 59 properties and 11,000 units with a total value of $900 million.
Built in 1973, Lynnfield Place Apartments features 400 units while Maple Hills Apartments boasts a total of 455 units and was built in 1969. Stoneweg, the release states, will spend $8 million to renovate the properties.
“Lynnfield Place and Maple Hills are great additions to the Stoneweg portfolio,” states Ryan Reyes, Stoneweg’s executive vice president and chief investment officer, in the release. “Both are located in prime locations experiencing tremendous growth and increased job opportunities. We’re very excited about their potential value to the portfolio and our investors.”
Stoneweg CEO Patrick Richard adds, via the release, “We’ve developed a very attractive rehab strategy for these two properties that will include something for both the residents and our investors. The future for Lynnfield Place and Maple Hills looks very bright.”