Stoneweg’s US branch located in St-Petersburg (Florida), announces the closing of Trellis at the Lakes Apartments. With 688 units, this USD 114 M acquisition is the largest in the Company’s US multifamily portfolio and the first in its own backyard.
Sprawled across 57.33 acres, Trellis at the Lakes was built in 1982 with an impressive 688 units consisting of 1 and 2-bedroom apartments.
The property is centrally located in the Gateway submarket of St. Petersburg just minutes from major highway I-275, SR 694 and the bustling 4th Street.
To capitalize on its ideal location, stellar amenities and sprawling grounds, Stoneweg US will implement an extensive capital expenditure plan that will include: interior renovations, fresh exterior paint, racquetball court conversions to outdoor amenity space with basketball and golf driving range/putting greens, installing in-unit washer/dryer connections for all tenants and adding package delivery centers on the premises.
“The acquisition of Trellis at the Lakes represents a key milestone in the growth of Stoneweg US. I am very grateful to the whole team that worked on this acquisition and I would like to thank all of our partners as well. I feel very confident that this investment will be a success for our investors, and will also benefit our residents and the community at large.” said Patrick Richard, Chief Executive Officer for Stoneweg US.