Asset Management

StoneRiver Company, a multifamily real estate firm based in Birmingham, Alabama, is pleased to announce its acquisition of Terraces at Town Center, a 240-unit, garden-style apartment community located in Jacksonville, Florida.  StoneRiver’s in-house property management division, StoneRiver Property Management, is managing the property. Terraces at Town Center is the fourth acquisition in StoneRiver Investment Fund II, a multifamily real estate investment fund that closed in July 2021.

Built in 2013, Terraces at Town Center features spacious one- and two-bedroom apartment homes with lake or pool views in select units. Community amenities include a resort-style pool with in-water lounge seating, an outdoor kitchen with gas grills, a technology room, a dog park, and one and two-car garages.  The property is situated on the city’s southeastern side, approximately 9 miles from downtown Jacksonville, one of the nation’s fastest-growing metropolitan areas over the last decade. Jacksonville’s attractive quality of life, relatively low cost of living, diversified economy, and rapid job growth have helped drive the migration to the region.   The property is located minutes away from the St. Johns Town Center shopping center, which offers residents abundant retail and a live/work/play environment.

StoneRiver’s business plan includes interior upgrades to all 240 units and exterior and amenity improvements to enhance the resident experience, including the addition of private pet yards.

“Terraces at Town Center represents an outstanding value-add investment opportunity,” said Joseph Welden, President and Chief Investment Officer of StoneRiver Company. “StoneRiver intends to capitalize on robust submarket rent growth, strong resident demographics, the explosive expansion of the Jacksonville economy, and the improvement of out-of-date interior finishes. In addition, StoneRiver Property Management will manage the property to support consistent rent growth and value creation.”

StoneRiver is currently seeking additional multifamily acquisition and development opportunities in the Southeast for StoneRiver Investment Fund II.

About StoneRiver Company

StoneRiver Company is a vertically integrated investment firm that acquires, develops, and manages multifamily real estate in the Southeast. Its in-house property management division manages its entire portfolio and drives value through a hands-on approach to operating communities from an owner’s perspective. Founded in 1995, StoneRiver has acquired, developed, or invested in apartment communities across 10 states in the Southeast.

StoneRiver Company, a multifamily real estate firm based in Birmingham, Alabama, is pleased to announce its acquisition of Pecan Springs, a 344-unit, garden-style apartment community located in San Antonio, Texas. StoneRiver’s in-house property management division, StoneRiver Property Management, is managing the property. StoneRiver re-entered the Texas market in February of this year with the acquisition of Magnolia Grove Apartments, located in Terrell, Texas. Pecan Springs is the third acquisition in StoneRiver Investment Fund II.

Built in 2013, Pecan Springs features unit interiors and community amenities unlike anything else currently available in the area. Amenities include a resort-style pool with stone features, a swim-up bar, and breezeway access garages. The property’s units feature luxurious interiors with granite countertops and other high-end finishes and amenities.

The property is just minutes from The RIM shopping venue and The Shops at La Cantera, offering retail, dining, and entertainment options to explore. Additionally, the San Antonio Spurs’ new training facility broke ground in November 2021. The 50-acre development called the Human Performance Campus will be located near the Shops at La Cantera and will bring new job opportunities to the area.

“With over 400 corporations headquartered in the San Antonio market, we are confident that Pecan Spring’s location and the area’s strong employment base will help make the property a successful investment for StoneRiver and our investors,” said Joseph Welden, President and Chief Investment Officer of StoneRiver Company.

StoneRiver is currently seeking multifamily acquisition and development opportunities in the Southeast through StoneRiver Investment Fund II, a multifamily real estate investment fund that StoneRiver closed in July 2021.

StoneRiver Company, a Birmingham, Alabama-based multifamily real estate company, announced today that it has completed the sale of its three-property, 625-unit portfolio in Mobile, Alabama. Cushman & Wakefield Sunbelt Multifamily Advisory Group represented StoneRiver in this transaction, and the terms of the sale were not disclosed.

The properties – Ashford Place, Huntleigh Woods, and Southern Oaks – were the last remaining assets in StoneRiver’s first fund. StoneRiver raised Fund I in 2016 to build upon its two-decade track record of acquiring, developing, improving, and operating multifamily real estate. Fund I raised approximately $32.8 million and acquired six communities, totaling 1,315 units, in Georgia, Mississippi, and Alabama.

Joseph Welden, President of StoneRiver Company, said, “We are proud of the strong returns these assets delivered to our Fund I investors.  Our team created value through strategic value-add enhancements and improved operations by our in-house property management division.”

StoneRiver is currently seeking multifamily acquisitions and developments in the Southeast through StoneRiver Investment Fund II, an investment fund that StoneRiver closed in July of 2021.  To date, Fund II has acquired two communities located in the Knoxville, Tennessee, and Dallas, Texas, metropolitan areas, and a third acquisition is under contract.