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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ATLANTA, GA – CORE Real Estate Capital announced it has bought Icon Avondale, a 374-unit, Class B+ multifamily community located in Decatur, GA. The transaction, for which CREC partnered with Indiana-based real estate company Sterling Group, marks CREC’s 50th real estate investment.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary markets throughout the United States.
Located at 3330 Mountain Drive, Icon Avondale is part of the Avondale Estates submarket. Originally built in 1972, the community was formerly known as Novo Avondale. The property offers approximately 388,762 square feet of potential rentable space over 38 acres. Apartments are designed as one, two, and three-bedroom floor plans, some with balconies and screened porches, ranging in size from 745sf to 1,200sf.
The apartments feature updated kitchens and bathrooms, stainless steel appliances, and new flooring. The new owners plot to add six additional units and will invest in renovations to the building exteriors and common spaces, adding amenities such as a dog park, dog wash, more grilling stations and community areas. Residents at Icon Avondale will delight in professional management with online leasing and resident services.
The property sits near I-285 (directly across from the Kensington MARTA station), is easily accessible to Atlanta and its suburbs and is less than two miles from downtown Decatur with its vibrant dining, shopping and entertainment options. The Atlanta metropolitan area is home to 30 Fortune 1,000 companies, and according to the U.S. Census Bureau, is one of the fastest-growing metro areas in the nation, with population increasing from 5.3 million in 2010 to just over six million in 2019.
“We remain bullish on multifamily and its tendency to outperform other real estate segments, especially during the uncertain times we are currently experiencing due to the COVID-19 pandemic. We like the Atlanta area’s strong fundamentals and we believe the Decatur submarket and the broader area will benefit from tailwinds that favor continued demand for rental housing for the foreseeable future,” said Jeff Coopersmith, founder and Managing Partner of CREC. “At the property level, CREC sees an vital value-add opportunity at Icon Avondale, where occupancy rates are in excess of 98 percent and tenant rent payments remain strong.”

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BOSTON, MA – In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation announced that it has bought Blue Mountain Apartments in Boston, Mass., for $56.2 million. The organization will provide improvements to the apartments, including kitchen and bathroom renovations, system upgrades, energy efficient boilers, new ventilation systems, and exterior repairs and restoration.
MassHousing is providing the NHP Foundation with $52.2 million in construction to permanent financing for the acquisition and rehabilitation of the 19 historic buildings that comprise the housing community, as well as $12.5 million in permanent financing for land acquisition.
The partnership between NHPF and MassHousing allows us to provide affordable units in an increasingly expensive neighborhood, close to the center of the City with excellent access to public transportation, said MassHousing Executive Director Chrystal Kornegay. Preservation of affordable housing with amenities and access helps increase opportunities for families in the area to succeed and prosper.
The transaction also involved $35.5 million in federal Low-Income Housing and Historic Tax Credit equity, $4.5 million in state Historic Tax Credit equity, and $3 million in anticipated operating revenue. PNC Bank acted as the low-income housing and historic tax credit investor for the transaction.
PNC has been involved with Blue Mountain Apartments for several years, after a preservation fund, sponsored by PNC, bought the property to generate an economic return and prevent the property from converting to market-rate housing, said Todd Crow, executive vice president for PNC Real Estate. Through our work with NHPF, we have been able to make an attractive investment for our investors and preserve long-term affordability for local residents, which is the ultimate goal of PNC s product capability and affordable housing platform.
Additional financing partners included BlueHub Capital (state historic tax credit bridge lender), Massachusetts Historical Commission (allocator of state historic credits), Massachusetts Department of Housing and Community Development (allocator of low income housing tax credits), and U.S. Department of Housing and Urban Development (rental help provider).
Preservation of historically significant properties like Blue Mountain provide two-fold benefits, said Mecky Adnani, senior vice president NHPF. We preserve the vibrant, historic fabric of this Roxbury neighborhood and ensure that rental housing here stays affordable through at least 2045.
The 217 units at the Blue Mountain Apartments are contained in 19 buildings on scattered sites around the Elm Hill Avenue neighborhood in Roxbury. The affordable housing community was originally built in the early 1900s and was last substantially rehabilitated in the 1980s. The buildings are included in the Massachusetts Historical Commission s Historic Places inventory.
Renovations started this month and are expected to be completed in 18 months.

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