StoneRiver Company, a multifamily real estate firm based in Birmingham, Alabama, announces its acquisition of Concord Ridge, a 336-unit community in the Charlotte, NC MSA. StoneRiver’s in-house property management division, StoneRiver Property Management, is managing the property. The asset is the fifth acquisition in StoneRiver Investment Fund II, a multifamily real estate investment fund that closed in July 2021.
Concord Ridge, a garden-style apartment community in Concord, North Carolina, a desirable suburb of Charlotte, is conveniently located just minutes away from The Concord Mills Mall – one of Charlotte’s top retail and entertainment destinations. Additionally, the area has recently seen the development of new facilities for companies such as Eli Lilly and Red Bull, which have brought thousands of jobs to the area.
“As the second largest financial center in the US, and with over 174,000 employed in the life sciences/health industry, we are confident in Charlotte’s robust and diversified economy. Combined with the high quality of life in the Concord area, we believe Concord Ridge will be a successful investment for StoneRiver and our investors,” said Donald Gambril, Investment Associate of StoneRiver Company.
The property, built in 2017, features several attractive amenities. These include a saltwater swimming pool with an in-pool tanning ledge, a fenced dog park that has agility equipment and a pet wash/spa, a modern fitness center, and comfortable conversation firepit lounge areas. The property’s spacious and open floor plans boast luxurious interiors that showcase granite countertops and beautifully crafted high-end finishes.
“StoneRiver’s investment philosophy is to target select Southeastern markets where we can successfully operate throughout the economic cycle—not just when times are good. We look for sustainable growth supported by a diverse set of strong economic drivers and favorable supply and demand dynamics. The current trends in Charlotte and the Southeastern U.S. make them ideal areas for StoneRiver’s growth,” explains Joseph Welden.
StoneRiver launched fundraising for StoneRiver Investment Fund III (Fund III) on July 17, 2023. Fund III will primarily seek to acquire and develop well-located, Southeast multifamily properties in growing or stable markets with healthy employment and appealing demographics over its investment period.
“StoneRiver’s investment philosophy is to target select Southeastern markets where we can successfully operate throughout the economic cycle—not just when times are good. We look for sustainable growth supported by a diverse set of strong economic drivers and favorable supply and demand dynamics. The current trends in Charlotte and the Southeastern U.S. make them ideal areas for StoneRiver’s growth,” explains Joseph Welden.
