PETERSBURG, FL - Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the closing of Trellis at the Lakes Apartments in the city of St. Petersburg. With 688 units, the acquisition is the largest in the Company's portfolio and the first in its own backyard. Trellis also marks its first deal with Hartford Investment Management Company (HIMCO), a respected institutional investor in the market. "We are excited to kick off the beginning of a long and successful partnership with HIMCO," said Ryan Reyes, Chief Investment Officer for Stoneweg US.
Sprawled across 57.33 acres (2 separate parcels), Trellis at the Lakes was built in 1982 with an impressive 688 units consisting of 1 and 2-bedroom apartments. Unit features include energy-star rated appliances, granite countertops, vinyl wood flooring, and spacious walk-in closets, while exterior amenities include: two premium fitness centers, resort-style swimming pools, lush landscaping, a bark park, and serene 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. Major employers including Jabil, Raymond James, Spectrum, HSN and Honeywell are in proximity, as are the burgeoning Downtown St. Petersburg, Downtown Tampa, Tampa's Westshore District, top-rated beaches, and major retailers.
"Trellis at the Lakes provides a rare opportunity for Stoneweg US to acquire an institutional quality asset of scale in our hometown of St. Pete." said Ryan Reyes. "Trellis is truly unique as it is within minutes of several Fortune 500 Companies but still offers a low-density atmosphere, which we expect will become even more desirable to residents moving forward."
To augment its ideal location, stellar amenities and sprawling grounds, Stoneweg US will implement an extensive capital expenditure plan that will include: interior renovations, fresh exterior paint, racquetball court conversions to outdoor amenity space with basketball and golf driving range/putting greens, installing in-unit washer/dryer connections for all tenants and adding package delivery centers on the premises.
"The acquisition of Trellis at the Lakes represents a key milestone in the growth of Stoneweg US. I am very grateful to the whole team that worked on this acquisition and I would like to thank all of our partners as well. I feel very confident that this investment will be a success for our investors, and will also benefit our residents and the community at large." said Patrick Richard, Chief Executive Officer for Stoneweg US.
Rangewater Real Estate will assume property management responsibilities to ensure efficient day-to-day operations on the property. Trellis at the Lakes marks the sixth completed transaction in the Company's SW Fund I LP.
Newmark's Vice Chairman Patrick Dufour, Directors Ryan Crowley and Andrew Visnick, and Associate Pibu Aulakh represented the seller (ESG Kullen) in the disposition; and Matt Williams, James Maynard, Steve Comly and Adam Randall of Newmark's Debt & Structured Finance group arranged financing for the acquisition.