LOUISVILLE, KY. — Stoneweg US has acquired Middletown Landing and Mallard Crossing at St. Matthews, two multifamily properties in metro Louisville, for $230 million. The deal added 1,246 units to the company’s portfolio. Jay Weiner of Rosewood Realty Group represented the buyer and the seller, Columbus, Ohio-based Lifestyles Communities.
Middletown Landing comprises 646 units in mostly townhome-style floorplans with an average unit size of nearly 1,100 square feet. Unit features include granite countertops, nine-foot ceilings, subway tile backsplashes and wood-style plank flooring. Community amenities include a two-story fitness center, pool, volleyball courts, and The Goat, an onsite restaurant. Built in 2014 and 2016, Middletown Landing is located near employers including UPS, Amazon and Ford Motor Co., as well as retailers such as Target and Kroger.
Mallard Crossing at St. Matthews contains 600 units. Built in 1988, Lifestyles Communities previously completed renovations on 20 percent of the units, including installing quartz countertops, walk-in showers, upgraded cabinetry and new lighting fixtures. Community amenities include a pool, gym and storage. Located at 400 Mallard Creek Road, the property is situated 10.9 miles from downtown Louisville and 8.7 miles from Louisville Muhammad Ali International Airport.
As a new owner, Stoneweg US will make capital investments to the properties, including complete unit renovations, revamped signage and upgraded landscaping at both communities. The firm also plans to add new amenities, such as dog parks, storage solutions and new gym equipment. Charleston-based Greystar will oversee operations at Middletown Landing, while The PMR Cos. will oversee operations at Mallard Crossing at St. Matthews.