Stoneweg US announced its final acquisition for 2020 with the closing of Louisville multifamily property Breckinridge Square on Dec. 18. The acquisition, the sixth for Stoneweg US this year, will add an additional 294 units to the Company’s portfolio currently totaling more than 12,500 units.
Breckinridge Square marks the company’s second acquisition in Louisville.
Built in 1972, Breckinridge Square is located 15 minutes from downtown Louisville. The property features one-, two- and three-bedroom apartments across 20 two-story buildings. The previous owner invested more than $3 million in capital improvements at Breckinridge to increase property conditions and overall value.
Stoneweg US will commit an additional $2.2 million in capital expenditures to complete roof replacements, install modern kitchen appliances, add new vinyl plank flooring and upgrade kitchens and baths with trendy backsplashes and updated countertops. Exterior grounds and amenities are scheduled for upgrades including a remodeled playground, a clubhouse kitchen, firepits and resort-style pool furniture. Updated property signage is also in the business plan for more consistent branding throughout.
The PMR Companies, which currently oversees operations at Rolling Hills, will also assume property management responsibilities at Breckinridge Square.
