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Core-Plus Acquisition

198 Milltown

Burlington, North Carolina

Property Overview

 

198 Milltown Apartment Homes offers one-, two-, and three-bedroom units ranging from 700 to over 1,200 square feet. Apartment amenities include open-concept floor plans with 9-foot ceilings, oversized windows, and spacious walk-in closets; modern kitchens with granite countertops and energy-efficient stainless-steel appliances; wood-plank vinyl flooring and carpets in bedrooms; in-unit washer/dryer; and patios/balconies.

 

Community amenities include a 24-hour health club and resident lounge, pet spa and pet park, salt-water swimming pool, outdoor social lounge and grill area, Amazon package lockers, playground, car care center, and garages.

Investment Overview

 

In March 2025, Fund III closed its acquisition of 198 Milltown Apartments, a 288-unit community in Burlington, North Carolina, and the fund’s first investment.  Conveniently located between Greensboro and Raleigh/Durham, 198 Milltown’s submarket offers favorable demographics for multifamily investment, including a diverse employment base and growing population. The area should also benefit from the future economic impact projected for the Carolina Core, a 150+ mile swath of central North Carolina anchored by Greensboro, Winston-Salem, High Point, and Fayetteville.
Location
Burlington, North Carolina
Property Type
Luxury Suburban, Garden Style Apartments
Project Type
Core-Plus
Year Built
2020
# of Units
288
Date Acquired
March 2025

Investment Rationale

198 Milltown represents a proven, core-plus asset with impressive property performance. StoneRiver looks to capitalize on the property’s attractive, assumable loan, favorable supply and demand fundamentals, desirable physical characteristics, and high population growth projections in the area.