Stoneweg U.S. LLC Acquires 178-Unit Apartment Community JRG Lofts in Cincinnati, OH; Expanding its Geographic Footprint in the Midwest
ST. PETERSBURG, Fla., Oct. 18, 2022 /PRNewswire/ — Stoneweg U.S. LLC (Stoneweg US) a real estate firm specializing in multifamily acquisitions and developments, today announced the acquisition of JRG Lofts, a 178-unit, mixed-use, apartment community in Mainstrasse Village, a national historic district in the Cincinnati, OH MSA. The acquisition further expands the company’s geographic footprint in the Midwest, which accounts for approximately 30% of its current portfolio.
“We’re thrilled to deliver another incredible asset, in the thriving Cincinnati market that’s experienced such phenomenal growth over the last several years, to our investors.” said Matt Levy, Executive Vice President & Head of Investments for Stoneweg US. “The Midwest region is home to some of the strongest performing assets in our portfolio, and we’re confident JRG Lofts will be no exception.”
An off-market opportunity, the newly constructed apartment community JRG Lofts, opened its doors in late 2021. The 5-story, L-shaped building features 178 units consisting of modern 1- and 2-bedroom apartments and seven ground-level townhomes. The property was designed with best-in-class amenities that range from a full-service rooftop area for residents that features a salt-water pool, two green lounge areas, shaded dinning spaces, a firepit, and picturesque views of the Cincinnati skyline as well as a full-service fitness facility, resident clubhouse, and an onsite pet washing station for residents. Units are fully equipped with Energy Star rated appliances, vinyl flooring, LED lighting throughout, modern fixtures, and high-efficiency rated HVAC systems.
The stellar condition of JRG Lofts warrants a business plan free of capital improvements that will primarily focus on maximizing operations onsite. With the property’s proximity to some of the most eclectic and popular shops, restaurants and galleries Mainstrasse Village has to offer, Stoneweg US believes residents will be drawn to the property because of its strong curb appeal and ability to satisfy the “walkability” component that so many renters desire when seeking new living solutions.
“While the renter’s appetite is everchanging and constantly evolving, we know that the “walkability” element and recent shift to more core urban areas remains constant with no signs of slowing down given increased interest rates and their effect on the housing market,” said Ryan Smyth, Director of Acquisitions for Stoneweg US. “With its strong walkability score, upscale offerings, and ideal location that JRG Lofts offers new renters, the decision to pursue this opportunity was a rock-solid one for us.”
Greystar has been appointed as the property manager at JRG Lofts.