INDIANAPOLIS, IN -Stoneweg US, a real estate investment firm specializing in multi-family acquisitions and developments, announced its first acquisition for 2021. With the closure of Aura, M Club and Retreat Northwest (AKA & # 39; Indy Portfolio & # 39;), the company's presence in Indianapolis has increased to four properties.
“Along with adding 849 units to the portfolio and expanding our presence in Indianapolis, this acquisition completes the 1031 exchange from our successful portfolio disposition late last year. The Indianapolis market has grown strongly over the past 5 years, has performed very well during the Covid-19 pandemic and is facing further growth and migration into the future, "said Ryan Reyes, Chief Investment Officer. "It's a smart deal for us and a great opportunity to start 2021."
The Aura is located in the western region of Indianapolis and has 125 units consisting of 1 and 2 bedroom apartments. The property was born in 1970 and is close to major employers such as Walmart, Amazon, Lowe and Indianapolis Airport, all of which offer the property a diverse potential for tenants. The investments, estimated at around USD 1 million, will focus on exterior renovations, including new roofs, an improved playground, pool improvements and an energy efficient LED lighting installation across the site.
With 388 units and a 1979 year, the M Club is the largest in the "Indy portfolio" and is located in northeast Indianapolis. The M Club provides easy access to a variety of city attractions including downtown Indianapolis, Harrison State Park, and world class retail destinations. The M Club has many amenities including a clubhouse, dog park and resort-style pool. Stoneweg US will invest ~ $ 2.5M in investments to further modernize the property and appeal to both younger and professional clients.
The Northwest Retreat was built in 1973 and is located in the northern Indianapolis region. It has 336 residential units. With its classic construction and prime location, Stoneweg US will focus on enhancing the curb appeal with its Capex plan (valued at ~ $ 2M) by adding an outdoor kitchen, new pergola, office and equipment upgrades as well as lush landscaping can be added. Interior designs are planned for significant improvements adding modern appliances, new floors, modern countertops and cabinets, and fresh paint to all units.
"The business plan for the Indy Portfolio, while aggressive, is in line with that of all of the other assets we have acquired," said Mike Cacciatore, associate director of acquisitions at Stoneweg US. “Our goal is to keep our investments growing and watch them flourish. We are confident that the existing plan will do just that. "
The PMR companies, currently managing Harrison Point, the company's first acquisition in Indianapolis, will oversee the operations of the "Indy Portfolio".
