Stoneweg US purchases apartments in St. Pete's Carillon area
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 4, 2022

St. Petersburg-based Stoneweg US has purchased the Waterview Echelon City Center Apartments in St. Petersburg’s Carillon Business Park.

The Waterview apartments at 100 Main St. N feature 226-units in a 15-story tower. The same day the company also purchased two properties in Louisville, Kentucky. In total, the three properties sold for upward of $315 million, according to Stoneweg. The company said the Louisville portfolio closed for $230 million. No deed has been filed yet with the county.

The Waterview apartments have floor-to-ceiling windows in living rooms and bedrooms and high-end stainless-steel appliances in the kitchen. Amenities include a mid-level skyline pool, fitness center, seventh-floor lounge and a clubhouse with entertainment and business facilities.

At the tower’s base is retail space, which Stoneweg US did not purchase. However, the company said it believes the retail will “benefit from the seller’s plan to develop the surrounding retail space with a hotel, office space and additional retail.”

“Waterview is a huge win for the Stoneweg US team in terms of diversification and growth. It’s the first high-rise community in our portfolio, offering sophisticated, Class-A living in one of the most robust markets in terms of relocation and jobs in the U.S.,” Ryan Reyes, chief investment officer for Stoneweg US, said in a release. “The fact that it’s in our hometown is an added bonus, and we’re thrilled to deliver another fantastic deal to our SW Fund I investors.”

Bozzuto Management will serve as the property manager for Waterview Apartments.

The apartments opened earlier this year and are in the Echelon City Center, which is near all major highways and is not far from downtown St. Pete. This is the third acquisition for Stoneweg in Tampa Bay and the 12th purchase the company made in 2021.

“Over the last two years, we have seen the Tampa Bay market emerge as a clear winner in the migration trend. Due to this, along with a limited supply pipeline and the future development plans within Echelon City Center, we believe that Waterview is well-positioned to be a successful investment,” Mike Cacciatore, director of acquisitions for Stoneweg US, said in a release.