Cincinnati Multifamily Asset Trades for $62M

The off-market deal further expands Stoneweg's Midwest footprint, which now accounts for about 30 percent of its portfolio.

JRG Lofts. Image courtesy of Stoneweg US

Stoneweg US LLC has expanded its Midwest footprint with the acquisition of JRG Lofts, a 178-unit, mixed-use apartment community in Covington, Ky. Located in the Cincinnati area, the property was acquired in an off-market deal for $62 million from developer RealtyLink LLC.

The sale price of the newly built property was first reported by the Cincinnati Business Courier. Media reports noted the multifamily property at 437 W. Sixth St. in Mainstrasse Village, a national historic district in Covington, was developed for approximately $38 million.

Greystar has been appointed as the property manager.

Property Details

The five-story, L-shaped building was delivered in 2021. It has 178 units consisting of one- and two- bedroom apartments and seven ground-level townhomes. Units feature Energy Star appliances including washer/dryer combos, quartz countertops, walk-in closets, vinyl flooring, LED lighting throughout, modern fixtures and high-efficiency HVAC systems. Property amenities include a full-service rooftop area with a saltwater pool, two green lounge areas, shaded dining spaces, a firepit and views of the Cincinnati skyline. Other features include a fitness center, a resident clubhouse and an on-site pet-washing station.

JRG Lofts is located close to shops, restaurants and galleries in Mainstrasse Village. Ryan Smyth, director of acquisitions at Stoneweg US, said in prepared remarks that the property has strong curb appeal and the walkability component that many renters are seeking. Smyth said that combined with the property’s condition, upscale offerings and ideal location, acquiring JRG Lofts was a good decision for the St. Petersburg, Fla.-based company. The multifamily real estate investment firm has a portfolio valuation of approximately $2 billion with nearly 15,000 units.

Stoneweg US Deals

The acquisition further expands the firm’s geographic footprint in the Midwest, which now accounts for about 30 percent of its portfolio. Matt Levy, executive vice president & head of investments for Stoneweg US, said in a prepared statement the Midwest region is home to some of the strongest performing assets in the firm’s portfolio.

Earlier this month, Stoneweg US acquired Wild Oak Apartments, a 348-unit community in Kansas City, Mo. The company is planning a capital improvement plan with a focus on sustainable housing solutions.

Also this month, Stoneweg US and its equity partner PGIM Real Estate secured a $50 million construction loan for Lake Maggiore Apartments, a 330-unit multifamily development in St. Petersburg. First Horizon Bank provided the financing for the project, which marks the first partnership between Stoneweg US and PGIM Real Estate. The community, which has been identified by Yardi Matrix as partially affordable, is expected to deliver in late 2024. It is the company’s first ground-up development in its home base of St. Petersburg.

This summer, Stoneweg US entered the Houston market with the acquisition of Ashford Apartments, a 312-unit, Class A multifamily property, from Allied Orion Group, according to Yardi Matrix. The property was completed in 2017.

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