Stoneweg US Announces Acquisition of 161-Unit Montana at Bowery
Park in Lewisville/Flower Mound
Submarket of Dallas-Ft. Worth
TX
ST.
PETERSBURG, Fla., Oct. 20,
2022 /PRNewswire-PRWeb/ -- Stoneweg U.S. LLC
(Stoneweg US), a real estate investment firm specializing in
multifamily acquisitions and developments, today announced the
acquisition of Montana at Bowery
Park, a 161-unit, mixed-use, multifamily community in the highly
desirable Lewisville/Flower Mound submarket of Dallas, TX.
"Having strategically unloaded several Dallas assets earlier this year, Montana at Bowery Park provided an excellent
opportunity for us to reenter a primary US market that has welcomed
an influx of 1.2 million new residents over the last 10 years,"
said Matt Levy, EVP & Head of
Investments for Stoneweg US. "Montana at Bowery Park is a unique asset with
a number of compelling attributes that will make it a stand-out
property for our portfolio in the long-term."
Having completed construction in 2018, the Class-A, Montana at Bowery Park community offers
residents a wide array of amenities coupled with thoughtfully
designed units which include: custom wood cabinetry, high-ceilings,
modern stainless-steel appliances, granite countertops, and
oversized bathrooms with double-vanities in select floorplans.
Onsite amenities include: a spacious community pool equipped with a
grilling station and clubhouse; fitness center, ample parking, and
proximity to the community's premier retailers. The property
adjoins 70,000 sq ft of retail and office space, of which 10,000 sq
ft is included in Stoneweg US's acquisition. Stoneweg US expects to
convert the vacant commercial space into additional tenant amenity
space, as well as residential space, adding 4 luxury units to the
property upon takeover increasing total unit count to 165.
Additionally, Montana at Bowery
Park is Green Globes Certified, offering an attractive ESG
component that made this transaction even more appealing.
Stoneweg US will deploy an extensive Capex plan to elevate the
property's amenity set, curb appeal and ESG platform. Enhanced
amenities will include a new resident clubhouse, dog park and
outdoor courtyard, as well as the addition of washer/dryer combos
to all units, enhanced landscaping, and general asset preservation.
The property's ESG platform is planned to be enhanced with the
addition of new electrical vehicle charging stations and 'smart'
technology home packages. Lastly, the property will undergo a
property name change accompanied by new signage.
"Given the limited housing supply in the Lewisville submarket, we're excited to
implement this robust capex plan that will deliver additional value
to existing and new residents of Montana at Bowery Park," said Garrett Pisarik, Director of Acquisitions for
Stoneweg US. "We expect this transformation to lay the blueprint
for quality living solutions for owners and developers looking to
enter this booming submarket."
RPM Living will oversee operations at Montana at Bowery Park on behalf of Stoneweg
US.
About Stoneweg US LLC: Stoneweg U.S. LLC is a multifamily real
estate investment firm located in the heart of downtown
St. Petersburg, FL, with a
portfolio valuation of approximately $2.0
Billion comprised of ~15,000 units. Dedicated to redefining
multifamily housing, the company invests in and develops
communities through sustainable housing solutions and proven
value-add strategies to drive healthy returns and enhance the
resident experience. For more information on Stoneweg US, please
visit: http://www.stoneweg.us.
Media Contact
Sharmane Bailey, Stoneweg US LLC,
7277434712, sharmane.bailey@stoneweg.com
SOURCE Stoneweg US LLC