Stoneweg US acquired the 688-unit Trellis at the Lakes Apartments
TAMPA (November 10, 2020) – Berkadia today announced that it has secured a joint venture equity partner for Stoneweg US LLC’s acquisition of Trellis at the Lakes Apartments, a 688-unit multifamily community located in St. Petersburg, Fla.
Stoneweg US, a St. Petersburg-based real estate firm which owns approximately 12,000 apartments across the country, acquired the property for $114 million, or $165,700 per unit.
Representing Stoneweg US LLC, Berkadia’s Joint Venture Equity and Structured Capital Group, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, secured a life insurance company as the JV equity partner, which brought $36 million to the deal.
“Working alongside a high-caliber client like Stoneweg US on an off-market acquisition in their backyard with a clear value-add story made it a straightforward underwrite for capital,” said Kirkpatrick. “We were able to bring multiple joint venture term sheets to the client and ultimately found a LifeCo partner for a great execution.”
Built in 1982, Trellis at the Lakes is located 11401 Martin Luther King Jr. St. and consists of 384 one-bedroom and 304 two-bedroom units, with an overall average unit size of 732 square feet. Community amenities include two swimming pools with sundeck, state-of-the-art fitness center and yoga studio, bark park, care wash center, laundry facility, work-study lounge, and lakeside fire pit and gathering area.
The prior owner initiated property renovations to some of the apartments in 2018, which the new owner intends to complete. Renovations will include adding black or stainless steel appliances, granite countertops, cabinets and wood flooring. Washer and dryer appliances will be added to the remaining 25% of the units that do not currently contain them.
The property is centrally located just off of I-275, approximately 15 minutes midway between downtown Tampa and downtown St. Petersburg. The property is less than five minutes from Carillon Park, a 432-acre business park that is home to Raymond James, Franklin Templeton, AllState, Spectrum and others.