LOUISVILLE, KY - Stoneweg US, a real estate investment Company specializing in acquisitions and developments announced the Company’s final acquisition for 2020 with the closing of Breckinridge Square. The acquisition, the sixth for Stoneweg US this year, will add an additional 294 units to the Company’s portfolio currently totaled over 12,500 units. Breckinridge Square marks the Company’s second acquisition in Louisville, Kentucky.
“The acquisition of Breckinridge Square gives us an excellent opportunity to increase our presence in the robust Louisville market that we’ve witnessed experience tremendous growth first-hand,” said Ryan Reyes, Chief Investment Officer for Stoneweg US. “We think Louisville will continue its exorbitant growth and are excited about Breckinridge Square’s future.”
Built in 1972, Breckinridge Square is located 15 minutes from downtown Louisville which is home to major employers such as UPS, Humana Inc, and 2 Ford Motor Co. plants, contributing ~45,000 jobs to the Louisville MSA. The property features generous 1, 2, and 3-bedroom apartments across 20 two-story buildings. The previous owner invested over $3MM in capital improvements at Breckinridge to increase property conditions and overall value.
Stoneweg US will commit an additional $2.2MM in capital expenditures to complete roof replacements, install modern kitchen appliances, add new vinyl plank flooring, and upgrade kitchens and baths with trendy backsplashes and updated countertops. Exterior grounds and amenities are scheduled for upgrades including a remodeled playground, a clubhouse kitchen, cozy firepits, and resort-style pool furniture. Updated property signage is also in the business plan for more consistent branding throughout.
“Breckinridge Square is poised to deliver, if not exceed, the extremely positive results we’ve seen with our other Louisville asset, Rollings Hills,” said CEO Patrick Richard. “We’re looking forward to another success story in Louisville.”
The PMR Companies, who currently oversees operations at Rolling Hills, will also assume property management responsibilities at Breckinridge Square.