Value-Add Acquisition

Ridgeland Ranch

Jackson, Mississippi MSA

Property Overview

 

Ridgeland Ranch Apartments is comprised of one-, two-, and three-bedroom apartments or townhomes. Every floorplan features spacious living areas, a cozy fireplace, a fully-equipped kitchen with black appliances, generous storage space, smart locks and thermostats, washer/dryer connections, and a private patio or balcony. Ridgeland Ranch Apartments offers many amenities, such as a swimming pool, a 24-hour fitness center, and an on-site dog park. For convenience, the property also offers an on-site laundry facility, a children’s playground, and off-street parking.

Investment Overview

 

In August 2016, StoneRiver obtained Ridgeland Ranch and Hampton House from an out-of-town owner as their first investments in Fund I. Ridgeland Ranch is situated in Jackson, Mississippi, just opposite Hampton House on East County Line Road. StoneRiver implemented a value-add approach that encompassed enhanced property management and minor physical renovations.
Location
Ridgeland, Mississippi
Property Type
Garden Style Apartments
Project Type
Light Value-Add
Year Built
1973
# of Units
137
Date Acquired
August 2016
Date Sold
December 2018

Investment Rationale

Management Upgrade – Ridgeland Ranch was owned by a California-based individual and managed by a third-party property management company. StoneRiver identified potential value creation from StoneRiver Property Management’s expertise and ability to greatly improve the property’s rent roll and overall performance.

 

Modest Physical Updates – StoneRiver’s construction management team oversaw the completion of modest physical upgrades to the property and addressed certain deferred maintenance items aimed at making the property more desirable to prospective residents.