Stoneweg US Acquires Dallas Community

As part of an extensive capex plan, the firm plans to convert adjoining vacant commercial space into residential and amenity space.

Montana at Bowery Park. Image courtesy of Stoneweg US.

Stoneweg US has reentered the Dallas market with the acquisition of a 161-unit community in the city’s Lewisville/Flower Mound submarket. The firm acquired Montana at Bowery Park from an undisclosed buyer.

The Class A mixed-use community was built in 2018 and offers one-, two- and three-bed units ranging from 791 to 2,018 square feet. The units were built with high ceilings, stainless steel appliances and granite countertops, while select units have oversize bathrooms with double vanities. The community’s amenities include a pool, grilling station, clubhouse, and fitness center.

Montana at Bowery Park is adjoined with 70,000 square feet of retail and office space, 10,000 square feet of which is part of Stoneweg US’ acquisition. The firm is planning to convert the vacant commercial space into more residential and amenity space, looking to add four units to the community.

Stoneweg US has an extensive capex plan for Montana at Bowery Park that will improve its amenities, curb appeal and ESG platform. The firm plans to add a new resident clubhouse, a dog park and an outdoor courtyard as part of the common amenities, while units will get washers and dryers.

The company plans to enhance the landscaping and add electric vehicle charging stations and smart home tech to add value to the property. Stoneweg US will rebrand the community and update the signage as such. The new ownership also tapped RPM Living to manage the property.

Entering Houston, reentering Dallas

Matt Levy, executive vice president & head of investments for Stoneweg US, said in prepared remarks that the firm strategically unloaded its Dallas assets earlier this year. He added that Montana at Bowery Park provided a strong opportunity to reenter the Dallas market.

Stoneweg’s portfolio spans the country, from the 298-unit Amaze @ Noda in North Carolina that was acquired earlier this year to the 180-unit Brent Village in Bellevue, Neb. that was acquired in 2016. The firm also entered the Houston market in July with the acquisition of the 312-unit Ashford Apartments that were built in 2017.

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