Stoneweg US Buys 2 Louisville Assets for $230M
Totaling more than 1,200 units, the communities will get a makeover.
Stoneweg US has acquired the 646-unit Middletown Landing and the 600-unit Mallard Crossing at St. Matthews in Louisville, Ky., for $230 million. Lifestyle Communities sold the properties in an off-market transaction. The buyer tapped Greystar and The PMR Cos. to manage the properties and plans to invest in capital improvements at the assets.
Located at 700 Landis Ridge Drive, in the South Jefferson Middletown submarket, Middletown Landing offers one- and two-bedroom units, ranging from 698 to 1,332 square feet, according to Yardi Matrix data. The property is roughly 17 miles from downtown Louisville via Interstate 64 and offers easy access to employers such as UPS, Amazon and Ford Motor Co.
Around 9 miles from Middletown Landing, Mallard Crossing at St. Matthews is in the St. Matthews submarket, at 400 Mallard Creek Road, 10 miles east of downtown Louisville. Constructed in 1988, the community includes studios and one- to three-bedroom floorplans, ranging from 512 to 1,428 square feet. According to Yardi Matrix data, Stoneweg paid $104.6 million for Mallard Crossing at St. Matthews and received a 10-year Fannie Mae loan originated by Newmark.
Stoneweg plans to renovate the units, revamp the signage and improve the landscaping at both properties. The company will also add dog parks, storage and new gym equipment.
The seller, Lifestyle Communities, has recently broken ground on its first project in the Austin metro area, a 1,050-unit mixed-use community in Pflugerville, Texas.