StoneRiver Company has acquired Retreat at Greystone, a 312-unit garden-style multifamily community located along Birmingham’s U.S. Highway 280 corridor. StoneRiver’s in-house management company, StoneRiver Property Management, will operate the property.
The acquisition represents the second investment for StoneRiver Investment Fund III, which held its initial equity closing in February 2025.
Located approximately 10 miles southeast of downtown Birmingham, Retreat at Greystone sits in the highly desirable and growing Greystone submarket. The property offers convenient access to several of the region’s primary employment, retail, and healthcare destinations, including Tattersall Park, The Summit, Colonnade Town Center, and Grandview Medical Center, as well as major employment hubs throughout the Highway 280 corridor.
The Highway 280 corridor is one of Birmingham’s most established suburban apartment submarkets, driven by strong household incomes, proximity to major employment centers, and continued retail and healthcare expansion.
Delivered in two phases in 2014 and 2016, Retreat at Greystone includes 312 one-, two-, and three-bedroom apartment homes averaging approximately 1,100 square feet, with select units reaching 1,466 square feet. Apartment homes feature open-concept layouts, granite countertops, private entries, and direct-access garages in approximately 42% of the units. The community also includes expansive greenspace and a full amenity offering.
”Retreat at Greystone is an excellent addition to our portfolio and reflects the type of high-quality, well-located communities we seek to acquire. The property benefits from strong historical performance and sits within one of Birmingham’s most desirable suburban corridors. With our deep experience owning and managing multifamily communities in this market, we believe StoneRiver is well-positioned to enhance operations and continue delivering a best-in-class living experience for residents.
Joseph WeldenStoneRiver’s President & Chief Investment Officer
Community amenities include a resort-style saltwater pool, outdoor grilling stations, a fitness center with cardio and resistance training, gated access, and pet-friendly spaces. The property’s hillside setting offers panoramic views while remaining minutes from key regional destinations, including the University of Alabama at Birmingham, Oak Mountain State Park, and Birmingham’s Highway 280 retail corridor.
The property is zoned for the Oak Mountain school system, one of the highest-performing public school systems in the state and a major driver of residential demand within the submarket.
The acquisition aligns with StoneRiver’s strategy of investing in institutional-quality multifamily communities located in high-growth markets across the Southeast, where strong demographic trends and economic expansion continue to support long-term rental housing demand. With strong underlying fundamentals, supportive comparable communities, and immediate cash yield potential, Retreat at Greystone represents a compelling opportunity to build on StoneRiver’s established presence in the Birmingham market.
