Stoneweg US Acquires Prose Frontier, Aims to Foster Sustainable Communities with Renamed Prosper Crossings Multifamily Project Valued at $2.1B AUM
Stoneweg U.S., a reputable real estate investment and development firm renowned for its vehement commitment to ESG optimization in the workforce housing sector, has announced the acquisition of the Prose Frontier. Congruous with the company’s long-term commitment to foster sustainable communities and drive responsible investments that make significant impacts, the multi-family asset which is valued at $2.1 Billion AUM will soon be rebranded as Prosper Crossings.
Proper Crossings, meticulously developed by Alliance Residential and Carlyle, spreads over an impressive 15 acres and boasts 10, three-story residential buildings. Placing a keen emphasis on the perfection of appearance as well as usability, the development also consists of a state-of-the-art clubhouse and a highly-functional leasing office. Specifically designed to offer an attainable living community, the workforce housing sector lifestyle is uniquely represented through a well-considered mix of 1- and 2-bedroom units.
Representing Carlyle’s well-defined strategic approach to the rental housing sector, the development targets demographically driven demand opportunities. These demands offer an attractive value proposition when compared to home ownership, and this strategic approach is clearly exemplified in this development.
Strategically nestled in Collin County, Texas, Prosper Crossings is better placed than ever to serve a rapidly expanding population projected to nearly double. The region, which has seen its population grow from 47,000 in 2020 to an estimated 85,000 in 2023, benefits from top-tier educational systems such as the Prosper Independent School District and high-income levels.
The Director of Acquisitions at Stoneweg US, Garrett Pisarik, affirmed, “Closing this acquisition, even in the face of challenging times, is a testimonial to the unyielding dedication and commitment of our team and partners. Prosper Crossings not only represents an attractive investment opportunity but also serves as a precursor for our numerous upcoming ESG initiatives.”
In line with Stoneweg US’ commitment to ESG initiatives, updates to Prosper Crossings will include several environmentally friendly improvements ranging from the installation of EV charging stations to a solar array panel on the leasing office/clubhouse. These improvements are aimed at significantly minimizing the property’s carbon footprint. Joining this will be more socially responsible amenities including an expanded pool area and updated dog parks, all of which aim to contribute toward a unified sense of well-being within the community.
Garrett Pisarik added, “With every decision aiming to expand our portfolio, ESG considerations remain at the center of our consciousness. With Prosper Crossings, we aim to display how sustainability and real estate investment can work effectively in tandem, setting a clear example industry-wide.”