Stoneweg US Closes 2021 with Acquisition of Waterview Echelon City Center Apartments in Thriving Tampa Bay Market

ST. PETERSBURG, Fla., Jan. 5, 2022 /PRNewswire/ -- Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, today announced the acquisition of Waterview Echelon City Center Apartments, a 226-unit, high-rise apartment complex located in the highly desirable Carillon Business Park area of St. Petersburg, FL. Waterview marks the 12^th and final acquisition for the Company in 2021, and its 3^rd acquisition in the Tampa/St. Petersburg MSA, where the Company is located.

"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.," said Ryan Reyes, Chief Investment Officer for Stoneweg US. "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."

Waterview Apartments, which opened its doors earlier this year, is located in the Echelon City Center of St. Petersburg, providing easy access to all major highways, downtown St. Petersburg, renowned Tampa Bay area beaches and 20 minutes from the larger and neighboring Tampa MSA. 

The 226-unit, 15-story tower features best-in-class amenities including a posh mid-level skyline pool, full-service fitness center with top-notch equipment, and a chic 7^th floor lounge and clubhouse equipped with a variety of entertainment and business facilities for residents. Available units are beautifully designed in varying layouts all offering floor-to-ceiling windows in living rooms and bedrooms, washer and dryer combos, and kitchens boasting high-end stainless-steel appliances, quartz countertops and subway tile backsplashes. 

Developed as a mixed-use residence, the property also features premiere retail space, which Stoneweg US did not purchase but believes will benefit from the seller's plan to develop the surrounding retail space with a hotel, office space and additional retail. Bozzuto Management will serve as the property manager for Waterview Apartments.

"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," said Mike Cacciatore, Director of Acquisitions for Stoneweg US.

About Stoneweg US: Stoneweg US is a multifamily real estate investment and development firm located in the heart of downtown St. Petersburg with a portfolio of over 14,000 units valued over $1.7 Billion. The Company invests in multifamily assets positioned for strong growth and focuses on increasing investor returns, while improving resident experience through a variety of value-add strategies. For more information, please visit: www.stoneweg.us

SOURCE Stoneweg US, LLC