INDIANAPOLIS, IN -Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced its first acquisition for 2021 with the closing of Aura, M Club, and Retreat Northwest (AKA ‘Indy Portfolio’) increasing the Company’s presence in Indianapolis to four properties.
“Along with adding 849 units to the portfolio and expanding our presence in Indianapolis, this acquisition concludes the 1031 exchange from our successful portfolio disposition at the end of last year. The Indianapolis market has seen great growth over the last 5 years, fared very well during the Covid-19 Pandemic, and is poised for continued growth and migration into the future,” said Chief Investment Officer Ryan Reyes. “It’s a smart deal for us and a great way to kick-off 2021.”
Located in the Western region of Indianapolis, Aura features 125 units consisting of 1 and 2- bedroom apartments. The property has a 1970 vintage and is located near major employers such as Walmart, Amazon, Lowe’s and the Indianapolis Airport providing a diverse sector of renter potential to the property. Capital expenditures, estimated at around $1MM, will focus on exterior renovations including new roofing, an upgraded playground, pool enhancements and energy-efficient LED lighting installation throughout the grounds.
Boasting 388 units and a 1979 vintage, M Club is the largest in the ‘Indy Portfolio’ and positioned on the Northeast side of Indianapolis. M Club offers easy access to various landmarks in the city including downtown Indianapolis, Harrison State Park, and elite retail destinations. M Club has considerable amenities including a clubhouse, dog park, and resort-style pool. Stoneweg US will dedicate ~$2.5MM in capital expenditures to further modernize the property to appeal to younger and professionals alike.
Built in 1973, and situated in the Northern region of Indianapolis, Retreat Northwest features 336 units. With its classic construction and premier location, Stoneweg US will focus on enhancing curb appeal with its Capex plan (estimated at ~$2MM) by adding an outdoor kitchen, a new Pergola, office and amenity upgrades, and lush landscaping. Interior upgrades are scheduled for hefty improvements adding modern appliances, new flooring, modern countertops and cabinets, and fresh paint to all units.
“The business plan for the ‘Indy Portfolio’ while aggressive, is consistent with that of any other asset we acquire,” said Mike Cacciatore, Associate Director of Acquisitions for Stoneweg US. “Our goal is to always position our investments for growth and watch them flourish; we’re confident that the plan in place will do just that.”
The PMR Companies, who currently manages Harrison Point, the Company’s first acquisition in Indianapolis, will oversee operations for the ‘Indy Portfolio’.