PETERSBURG, FL – Stoneweg US, a property investment firm specializing in multi-family acquisitions and developments, announced the closure of Trellis at Lakes Apartments in St. Petersburg. With 688 units, the acquisition is the largest in the company's portfolio and the first in its own backyard. Trellis is also the first contract with Hartford Investment Management Company (HIMCO), a well-respected institutional investor in the market. "We are excited to begin a long and successful partnership with HIMCO," said Ryan Reyes, Chief Investment Officer of Stoneweg US.
Spread over 2 separate lots, Trellis at the Lakes was built in 1982 with an impressive 688 units consisting of 1 and 2 bedroom apartments. Features include Energy Star rated appliances, granite countertops, vinyl hardwood floors, and spacious walk-in closets. Outdoor amenities include: two premium fitness centers, resort-style swimming pools, lush landscaping, a bark park, and quiet walks along the lake trails.
The property is centrally located in St. Petersburg's Gateway submarket, just minutes from the main I-275, SR 694 and bustling 4th Street. Major employers such as Jabil, Raymond James, Spectrum, HSN, and Honeywell are all in close proximity, as are burgeoning downtown St. Petersburg, downtown Tampa, the Westshore district of Tampa, world-class beaches, and major retailers.
"Trellis at the Lakes offers Stoneweg US a rare opportunity to acquire an institutional grade asset in our hometown of St. Pete." said Ryan Reyes. "Trellis is truly unique in that it is only minutes away from several Fortune 500 companies, but still offers a sparse atmosphere that we expect will be even more desirable for future residents."
In order to improve the ideal location, the excellent amenities and the extensive grounds, Stoneweg US will implement a comprehensive investment plan, which includes the following: interior renovation, fresh exterior paint, conversion of the racquetball court to exterior facilities with basketball and golf driving range / putting greens, installation connections for washer / dryer in the unit for all tenants and adding package delivery centers on the premises.
"The acquisition of Trellis at the Lakes is an important milestone in the growth of Stoneweg US. I am very grateful to the entire team that worked on this acquisition and I would also like to thank all of our partners. I am very confident that This investment will be a success for our investors and will benefit our residents and the community at large, "said Patrick Richard, CEO of Stoneweg US.
Rangewater Real Estate takes responsibility for real estate management to ensure efficient day-to-day operation of the property. Trellis at the Lakes marks the sixth completed transaction in the company's SW Fund I LP.
Newmark Deputy Chairman Patrick Dufour, Directors Ryan Crowley and Andrew Visnick and Associate Pibu Aulakh represented the seller (ESG Kullen) in the disposition. Matt Williams, James Maynard, Steve Comly and Adam Randall of Newmark Debt & Structured Finance Group arranged the financing of the acquisition.