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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Walton Street Affiliate Acquires WaterView Echelon, a 226-Unit Multifamily Community in St. Petersburg, FL

January 4, 2022 GMT
WaterView Echelon, a 226-unit multifamily community in St. Petersburg, FL (Photo: Business Wire)
WaterView Echelon, a 226-unit multifamily community in St. Petersburg, FL (Photo: Business Wire)
WaterView Echelon, a 226-unit multifamily community in St. Petersburg, FL (Photo: Business Wire)

CHICAGO--(BUSINESS WIRE)--Jan 4, 2022--

An affiliate of Walton Street Capital, L.L.C. (“Walton Street”) announced that it has acquired a 226-unit Class A multifamily high-rise property located at 100 Main Street North in St. Petersburg, FL (“WaterView” or the “Property”) in partnership with Stoneweg US, LLC (“Stoneweg”).

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WaterView Echelon, a 226-unit multifamily community in St. Petersburg, FL (Photo: Business Wire)

Built in 2021, the Property features a mix of one, two, and three-bedroom apartments that are currently 99% leased and sits adjacent to a Publix-anchored shopping center. Unit amenities include quartz countertops, stainless-steel appliances, full-size washers/dryers in-unit, and floor to ceiling windows with panoramic views of Tampa Bay and the nature preserve. Community amenities feature a 7 th floor infinity pool with cabanas, gas grills and fire pits, a state-of-the-art fitness center, a club lounge with kitchen, a private conference room, single-use workspaces, and covered parking.

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The Property is conveniently located less than a mile away from the Carillon Office Park which houses over 3 million square feet of office space, including corporate offices for Raymond James, Lincoln Financial, Humana, and Transamerica totaling more than 15,000 jobs. Also within close proximity is the Gateway Office Market with 9.1 million square feet of office and 84,000 jobs. Both downtown St. Petersburg and downtown Tampa are within a 20-minute drive from the property.

“Waterview Echelon represents an attractive opportunity to own a high-quality, newly-constructed multifamily asset in a strategic location within the Tampa-St. Petersburg MSA. We continue to believe strongly in the market’s near and long-term fundamentals, which are poised to benefit from outsized job and population growth,” said Stephen Sotoloff, Senior Principal at Walton Street.

“We are excited about expanding our presence in the Tampa-St. Petersburg MSA and the addition of this high-quality apartment community to our portfolio,” said Tom Jaeger, Principal at Walton Street.

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About Walton Street Capital, L.L.C.: Walton Street is a private equity real estate investment firm that, since its inception in 1994 through its affiliates, has raised over $14 billion of capital commitments from a broad cross-section of sophisticated institutional investors. Walton Street’s principals have collectively acquired, financed, managed, and sold over $50 billion of real estate and have an average of 20 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through several real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private real estate owners, operators, brokers, managers, and industry service providers.

About Stoneweg US: Stoneweg US is a multifamily real estate investment and development firm located in St. Petersburg, FL with a portfolio of over 14,000 units valued over $1.7 Billion. Stoneweg invests in multifamily assets positioned for strong growth and focuses on increasing investor returns, while improving resident experience through a variety of value-add strategies.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220104006048/en/

CONTACT: Walton Street Capital, L.L.C.

Jessica Jahn

(312) 915-2859

jjahn@waltonst.com

KEYWORD: UNITED STATES NORTH AMERICA FLORIDA ILLINOIS

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY FINANCE PROFESSIONAL SERVICES URBAN PLANNING REIT OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Walton Street Capital, L.L.C.

Copyright Business Wire 2022.

PUB: 01/04/2022 06:23 PM/DISC: 01/04/2022 06:23 PM

http://www.businesswire.com/news/home/20220104006048/en