LOUISVILLE, KY – Stoneweg US, a real estate investment firm specializing in acquisitions and developments, announced the company's final 2020 acquisition with the closure of Breckinridge Square. The acquisition, the sixth for Stoneweg US this year, will add an additional 294 units to the company's portfolio, which currently comprises more than 12,500 units. Breckinridge Square is the company's second acquisition in Louisville, Kentucky.
"The acquisition of Breckinridge Square offers us an excellent opportunity to increase our presence in the resilient Louisville market, where we have seen tremendous growth firsthand," said Ryan Reyes, chief investment officer of Stoneweg US. "We believe Louisville will continue its exorbitant growth and look forward to the future of Breckinridge Square."
Built in 1972, Breckinridge Square is 15 minutes from downtown Louisville, home to major employers such as UPS, Humana Inc, and two Ford Motor Co. plants. This will create around 45,000 jobs for MSA in Louisville. The property has spacious 1, 2 and 3 bedroom apartments in 20 two-story buildings. The previous owner invested over $ 3 million in capital improvements at Breckinridge to improve property conditions and overall value.
Stoneweg US will provide additional investments of $ 2.2 million to complete the roof replacement, install modern kitchen appliances, add new vinyl plank floors, and upgrade kitchens and bathrooms with trendy backsplashes and updated countertops. The grounds and amenities are slated for upgrades, including a converted playground, clubhouse kitchen, cozy fire pits, and resort-style pool furniture. Updated property signage is also included in the business plan to ensure more consistent branding.
"Breckinridge Square stands ready to match, if not exceed, the extremely positive results we have had with our other Louisville asset, Rollings Hills," said CEO Patrick Richard. "We look forward to another success story in Louisville."
The PMR companies currently overseeing operations in Rolling Hills will also take responsibility for real estate management in Breckinridge Square.
Source: Stoneweg US