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

Walton Street Affiliate Acquires WaterView Echelon, a 226-Unit Multifamily Community in St. Petersburg, FL
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Chicago, January 4, 2022–(BUSINESS WIRE)– A subsidiary of Walton Street Capital LLC (“Walton Street”) announced that it has acquired a 226-unit Class A multi-family high-rise building located at 100 Main Street North in Saint Petersburg, Florida. (“WaterView” or “Proprietary”) in partnership with Stoneweg US, LLC (“Stoneweg”).

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WaterView Echelon, a 226-unit multi-family community in Saint Petersburg, Florida (Photo: Business Wire)

Built in 2021, the property features a mix of 1, 2 and 3-bedroom apartments that are currently 99% rented and are located adjacent to a shopping mall installed on Publix. Unit amenities include quartz countertops, stainless steel appliances, full-size in-unit washers/dryers, and floor-to-ceiling windows with panoramic views of Tampa Bay and the Nature Preserve. Community amenities feature 7y Infinity floor pool with cabanas, gas grills, fire pits, modern fitness center, club lounge with kitchen, private meeting room, single use workspaces and covered parking.

The property is conveniently located less than a mile from Carillon Office Park that houses more than 3 million square feet of office space, including corporate offices for Raymond James, Lincoln Financial, Humana, and Transamerica totaling more than 15,000 jobs. It is also located in close proximity to the Gateway office market, which includes 9.1 million square feet of offices and 84,000 jobs. Saint Petersburg city center and Tampa city center are both 20 minutes’ drive from the property.

“The Waterview Echelon represents an attractive opportunity to own a high-quality, newly constructed multi-family asset in a strategic location within the Tampa-Saint Petersburg MSA area. We remain a strong believer in the near- and long-term market fundamentals, poised to capitalize on massive jobs and population growth,” said Stephen Sotolov, Senior Manager at Walton Street.

“We are excited to expand our presence in the Tampa-Saint Petersburg MSA and add this high-quality residential community to our portfolio,” said Tom Jaeger, principal at Walton Street.

About Walton Street Capital, LLC: Walton Street is a private equity real estate investment firm that, since its inception in 1994 through its subsidiaries, has raised more than $14 billion in capital commitments from a broad spectrum of seasoned institutional investors. Walton Street managers have collectively purchased, financed, managed and sold more than $50 billion in real estate and have an average of 20 years of real estate experience. Senior management has collectively invested and managed both real estate equity and debt through multiple real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private landlords, operators, brokers, managers and industry service providers.

About Stoneweg US: Stoneweg US is a multi-family real estate investment and development company located in Saint Petersburg, Florida with a portfolio of more than 14,000 units valued at more than $1.7 billion. Stoneweg invests in multi-family assets that are positioned for robust growth and is focused on increasing investor returns, while improving the resident experience through a variety of value-added strategies.

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

Contacts

Walton Street Capital, LLC
Jessica Jan
(312) 915-2859
jjahn@waltonst.com

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