Stoneweg US, a real estate investment firm focused on multifamily developments, has acquired Middletown Landing and Mallard Crossing at St. Matthews in the greater Louisville area for $230 million.
Middletown landing includes 646 units made up of mostly townhouse style layouts with an average size of nearly 1,100 square feet. The property is located in the South Jefferson Middletown submarket. Mallard Crossing brings 600 units and is located in the St. Matthews submarket, a desirable Louisville market.
The deal will add 1,246 units to Stoneweg’s growing portfolio which will reach 15,000 by the end of 2021. Its marks the largest deal for Stoneweg to date. Following the deal, operations at Middletown will be run by Greystar while The PMR Companies will manage the Mallard Crossing operations.
“Middletown Landing and Mallard Crossing at St. Matthews both possess that accessibility element that has historically driven renters,” said Ryan Smyth, director of acquisitions for Stoneweg US. “The business plan we will implement at both properties will push these assets to the forefront of the ‘live-work-play’ trend that is overwhelmingly driving multifamily developments and communities right now.”