GREENVILLE, SC – Aline Capital’s Multifamily Advisory Division has completed the sale of two properties in Wilmington, NC. The 368-unit portfolio sale was completed at total sales price of $35,375,000. Aline Capital represented their repeat client, Eskay Management, as the purchaser in the transaction. The Multifamily Advisory Group has previously completed transactions involving their purchaser client and the seller, Heritage Capital of New Jersey. Eskay Management assumed the existing debt on the properties while bringing a large amount of equity to the transaction.
“The low-leverage nature of the transaction as well as other factors from the Covid-19 pandemic made this transaction challenging. These are brilliant properties with a tremendous number of upgrades. We knew that a well-capitalized firm with a deep understanding of the strength of the Carolina markets would be excellent fit for the transaction,” provided Jonathan Kessler of Aline Capital.
“With the acquisition of these two properties, it will provide us with a stronger presence in the Wilmington market, and the Carolinas in general,” said Jay Schecter of Eskay Management.
The transaction is the first landmark transaction for Aline Capital’s new investment sales platform. The historically focused debt and equity firm launched an investment sale division amidst the Covid-19 pandemic. “We are grateful to have built a strong capital markets advisory business throughout the southeast for the past five years. We now have investment sale teams focused on several asset classes including multifamily, retail, office, mobile homes, among others. We believe this is a logical path of growth for the firm and a fantastic way to round out our services to our clients looking to invest in the southeast,” said Scott Williams, the firm’s founding Partner.

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PETERSBURG, FL – Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the closing of Trellis at the Lakes Apartments in the city of St. Petersburg. With 688 units, the acquisition is the largest in the Company’s portfolio and the first in its own backyard. Trellis also marks its first deal with Hartford Investment Management Company (HIMCO), a respected institutional investor in the market. “We are excited to kick off the beginning of a long and successful partnership with HIMCO,” said Ryan Reyes, Chief Investment Officer for Stoneweg US.
Sprawled across 57.33 acres (2 separate parcels), Trellis at the Lakes was built in 1982 with an impressive 688 units consisting of 1 and 2-bedroom apartments. Unit features include energy-star rated appliances, granite countertops, vinyl wood flooring, and spacious walk-in closets, while exterior amenities include: two premium fitness centers, resort-style swimming pools, lush landscaping, a bark park, and serene lakeside walking trails.
The property is centrally located in the Gateway submarket of St. Petersburg just minutes from major highway I-275, SR 694 and the bustling 4th Street. Major employers including Jabil, Raymond James, Spectrum, HSN and Honeywell are in proximity, as are the burgeoning Downtown St. Petersburg, Downtown Tampa, Tampa’s Westshore District, top-rated beaches, and major retailers.
“Trellis at the Lakes provides a rare opportunity for Stoneweg US to buy an institutional quality asset of scale in our hometown of St. Pete.” said Ryan Reyes. “Trellis is truly unique as it is within minutes of several Fortune 500 Companies but still offers a low-density atmosphere, which we expect will become even more desirable to residents moving forward.”
To augment its ideal location, stellar amenities and sprawling grounds, Stoneweg US will implement an extensive capital expenditure plot that will include: interior renovations, fresh exterior paint, racquetball court conversions to outdoor amenity space with basketball and golf driving range/putting greens, installing in-unit washer/dryer connections for all tenants and adding package delivery centers on the premises.
“The acquisition of Trellis at the Lakes represents a key milestone in the growth of Stoneweg US. I am very grateful to the whole team that worked on this acquisition and I want to thank all of our partners as well. I feel very confident that this investment will be a success for our investors, and will also benefit our residents and the community at large.” said Patrick Richard, Chief Executive Officer for Stoneweg US.
Rangewater Real Estate will assume property management responsibilities to ensure efficient day-to-day operations on the property. Trellis at the Lakes marks the sixth completed transaction in the Company’s SW Fund I LP.
Newmark’s Vice Chairman Patrick Dufour, Directors Ryan Crowley and Andrew Visnick, and Associate Pibu Aulakh represented the seller (ESG Kullen) in the disposition; and Matt Williams, James Maynard, Steve Comly and Adam Randall of Newmark’s Debt & Structured Finance group arranged financing for the acquisition.

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TUSCALOOSA, AL – Legacy Capital Partners, a Cleveland, OH-based national real estate investor firm, together with Morrison Avenue Capital Partners, a Tampa, FL-based real estate owner and operator, announced that they have successfully formed a joint venture and bought a 1996-vintage, 208-unit conventional apartment community in Tuscaloosa, Alabama – Inverness Apartment Homes.
Tuscaloosa is the home of the University of Alabama, as well as a major Mercedes-Benz production plant which is currently undergoing a $1 billion expansion. The Mercedes-Benz production plant expansion is part of Mercedes-Benz global initiative to offer more than 50 electric vehicle variants by 2022.
Legacy and Morrison Avenue have bought Inverness as part of their value-add strategy which will increase cash flow and value through the execution of interior upgrades for all 208 units, exterior and amenity improvements, as well as addressing the property’s deferred maintenance.
“Inverness fits perfectly with our value-add multifamily investment strategy. A property that is currently performing well in a strong market yet has a clear path to value creation through physical and operational improvements. This is Legacy’s second joint venture and third asset bought with Morrison Avenue in the state of Alabama, and we’re thrilled to continue to expand the partnership,” said David St. Pierre, Managing Director at Legacy.
This investment also reflects current trends given the COVID-19 pandemic. Inverness is a suburban apartment community with larger unit floorplans averaging 1,275 square feet, which include space for home offices and virtual learning. Further, the property is unique in that each of the 208 units have private entrances and an attached, direct access garage. Community residents have immediate access for their families and guests to their individual apartments. This is especially right in the Tuscaloosa market where nearly all of the new development over the past decade has been purpose-built student housing.
Both Legacy and Morrison Avenue look forward to executing on its value in plot and making clean, safe, and spacious apartment homes that will serve residents of Tuscaloosa for years to come.

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