StoneRiver Company is pleased to announce the final closing of StoneRiver Investment Fund II, LLC (“Fund II”), which received over $80 million of equity commitments, including co-investment capital for its initial acquisition.
Fund II will seek to acquire and develop multifamily properties in secondary and tertiary markets across the Southeastern United States. StoneRiver’s in-house construction management team will lead the ground-up development of Class A communities and the renovation of value-add acquisitions. In addition to these strategies, Fund II will pursue core and core-plus assets that support stable and predictable cash distributions with long-term capital appreciation.
”Job and population growth in the Southeast, as well as demographic shifts away from homeownership, continue to support our investment thesis. Our investors recognize this, allowing Fund II to raise more than double the commitments of our first fund, which closed in 2016. We are excited to leverage the talent of our team and our network in the Southeast to continue creating value for our investors.
Joseph WeldenStoneRiver’s President & Chief Investment Officer
To date, Fund II has acquired one asset – The Ridge at Hamilton Crossing Apartments, a 353-unit, Class A garden-style community located in the Maryville submarket of Knoxville, Tennessee. Fund II will target a total of 6 to 12 projects during its three-year investment period.
About StoneRiver Company
StoneRiver is a vertically integrated multifamily real estate investor, developer, and operator headquartered in Birmingham, Alabama. 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.
