Core-Plus Acquisition

Retreat at Greystone

Birmingham, Alabama

Property Overview

 

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.
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.
Location
Birmingham, Alabama
Property Type
Luxury Suburban, Garden Style Apartments
Project Type
Core-Plus
Year Built
2014 / 2016
# of Units
312
Date Acquired
March 2026

Investment Overview

 

In March 2026, Fund III acquired Retreat at Greystone, a 312-unit garden-style multifamily community located along Birmingham’s U.S. Highway 280 corridor. 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.

Investment Rationale

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.