St. Pete firm makes $230 million apartment purchase in Kentucky
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 3, 2022

St. Petersburg-based Stoneweg US has purchased two apartment communities in Louisville, Kentucky, in a $230 million deal.

The real estate investment firm bought Middletown Landing and Mallard Crossing, adding 1,246 units to the company’s portfolio. This was the largest deal to date for Stoneweg, and the company is on track to have a total of nearly 15,000 units by the end of the year.

“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,” Ryan Reyes, chief investment officer for Stoneweg US, said in a news release. “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."

Middletown Landing features 646 units — the majority are townhome-style properties with the average unit being nearly 1,100 square feet — as well as a two-story fitness center, pool, an onsite full-service restaurant and volleyball courts.

Mallard Crossing at St. Matthews features 600 units in the St. Matthews area. According to Stoneweg, the previous owner had begun a partial renovation plan that upgraded 20 percent of the units on the site.

Stoneweg will be renovating the units and landscaping as well as signage at both locations. New amenities are also planned including dog parks, gym equipment and storage solutions.

“Middletown Landing and Mallard Crossing at St. Matthews both possess that accessibility element that has historically driven renters,” Ryan Smyth, director of acquisitions for Stoneweg US, said in a news release. “The business plan we will implement at both properties will push these assets to the forefront of the ‘live-work-play’ trend that is overwhelmingly driving multifamily developments and communities right now.”

Operations at Middletown Landing will be overseen by Greystar, while operations at Mallard Crossing at St. Matthews will be managed by The PMR Companies.