Stoneweg acquires 688-unit Florida residential property for $114m

Stoneweg, the real estate investment adviser and asset manager, has acquired a 688-unit residential asset in the metropolitan area (MSA) of Tampa-St. Petersburg in Fla., for $114 million in a joint venture with Hartford Investment Management Co. (HIMCO).

Trellis at the Lakes Apartments is the largest acquisition made by Stoneweg’s U.S. business and is its first deal in St. Petersburg, where the company’s U.S. headquarters is located. The transaction brings Stoneweg’s U.S. multifamily portfolio to 13,000 units, with a total value of $1.2 billion. Residential property (development and income) now makes up around 60 percent of Stoneweg’s entire €4 billion ($tk billion) portfolio in Europe and the United States.

Trellis was built in 1982 on a 232,000-square-meter (tk-square-foot) site with the units consisting of one- and two-bedroom apartments. Unit features include modern appliances, granite countertops, vinyl wood flooring and walk-in wardrobes, while exterior