StoneBridge Investments Expands in Florida with Luxe at 1820 Acquisition
A Location with Strong Fundamentals
Why StoneBridge Wanted This Asset
A Growing Push into Florida
StoneBridge Investments Expands Footprint in Florida with Luxe at 1820 Acquisition
Brandon, FL – December 10, 2023 – StoneBridge Investments, a prominent multifamily investment firm based in Washington, D.C., has made a significant move in the Sunshine State by acquiring Luxe at 1820, a 300-unit garden-style apartment community located in the thriving Tampa region. This strategic purchase aligns with the firm’s long-term vision of investing in high-growth markets characterized by robust renter demand.
A Prime Location with Promising Potential
Nestled on Crosstown Club Place in Brandon, just eight miles east of downtown Tampa, Luxe at 1820 boasts a prime location that offers residents convenient access to major employment corridors, vibrant retail centers, top-rated schools, and an expanding regional transportation network. StoneBridge has identified the Tampa metro area as one of the fastest-growing regions in the United States, driven by a strong population influx that continues to fuel housing demand.
Confidence in Tampa’s Growth
Kees Bruggen, Managing Director at StoneBridge Investments, expressed enthusiasm about the acquisition, stating, “We are extremely bullish on Tampa and the broader Florida growth story.” He emphasized the region’s resilience and economic competitiveness, predicting that Tampa will outperform as new supply moderates while demand remains steady.
Built in 2009, Luxe at 1820 features a diverse mix of floor plans and amenities that StoneBridge views as a solid foundation for value creation. The firm plans to implement a comprehensive renovation program aimed at modernizing unit interiors, refreshing amenities, and enhancing curb appeal.
Elevating Community Standards
Will Bateman, Director at StoneBridge, remarked, “Luxe at 1820 is a great example of what we are looking for. By modernizing the interiors and enhancing the community, we believe we can elevate its standing in the submarket.” This commitment to improvement underscores StoneBridge’s strategy of enhancing resident experiences while driving long-term value.
Strengthening Florida Presence
The acquisition of Luxe at 1820 marks a significant step in StoneBridge’s ongoing expansion into Florida, a key market for the firm. With a focus on value-add and core-plus assets in high-growth metropolitan areas across the Mid-Atlantic and Southeast, StoneBridge is well-positioned to capitalize on strong demographics and pro-business environments.
The transaction was facilitated by Brian Moulder and Chris Chadbourne of Walker & Dunlop, who represented the seller, American Landmark. Financing for the deal was secured by Connor Locke, Brenden Coleman, and Skye Stansbury, also of Walker & Dunlop.
A Commitment to Multifamily Excellence
Backed by Amsterdam-based Timeless Investments, StoneBridge has invested over $1.7 billion in U.S. multifamily communities, focusing on thoughtful renovations, operational upgrades, and long-term value strategies. The firm’s commitment to elevating the resident experience remains at the forefront of its mission.
As StoneBridge Investments continues to grow its presence in Florida, the acquisition of Luxe at 1820 exemplifies its dedication to enhancing communities and meeting the evolving needs of residents in one of the nation’s most dynamic markets.
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