Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, today announced the $230 million acquisition of Middletown Landing and Mallard Crossing at St. Matthews, two premiere assets in the Louisville MSA.
The sizeable deal was sourced off-market, adding 1,246 units to the Company’s growing portfolio, currently tracking to reach nearly 15,000 units by year-end. The deal marks the largest for the Company to date.
“We’re fortunate to acquire two high-quality assets that significantly bolster our overall unit count and allow us to extend our reach in a market that we’ve been so successful in,” said Ryan Reyes, Chief Investment Officer for Stoneweg US. “Middletown Landing and Mallard Crossing at St. Matthews represents a giant step forward in our growth strategy and this move is indicative of our capabilities to source and close quality deals on a large scale.”
Stoneweg US will deploy a generous capital expenditure budget to complete unit renovations, revamp signage, and spruce up the landscaping at both communities. New amenities are also scheduled that will add dog parks, storage solutions, new gym equipment, and other enhancements to the resident experience. Operations at Middletown Landing will be overseen by Greystar, while operations at Mallard Crossing at St. Matthews will be managed by The PMR Companies.