StoneRiver Company, a multifamily real estate firm based in Birmingham, Alabama, is pleased to announce its acquisition of Terraces at Town Center, a 240-unit, garden-style apartment community located in Jacksonville, Florida. StoneRiver’s in-house property management division, StoneRiver Property Management, is managing the property. Terraces at Town Center is the fourth acquisition in StoneRiver Investment Fund II, a multifamily real estate investment fund that closed in July 2021.
Built in 2013, Terraces at Town Center features spacious one- and two-bedroom apartment homes with lake or pool views in select units. Community amenities include a resort-style pool with in-water lounge seating, an outdoor kitchen with gas grills, a technology room, a dog park, and one and two-car garages. The property is situated on the city’s southeastern side, approximately 9 miles from downtown Jacksonville, one of the nation’s fastest-growing metropolitan areas over the last decade. Jacksonville’s attractive quality of life, relatively low cost of living, diversified economy, and rapid job growth have helped drive the migration to the region. The property is located minutes away from the St. Johns Town Center shopping center, which offers residents abundant retail and a live/work/play environment.
StoneRiver’s business plan includes interior upgrades to all 240 units and exterior and amenity improvements to enhance the resident experience, including the addition of private pet yards.
“Terraces at Town Center represents an outstanding value-add investment opportunity,” said Joseph Welden, President and Chief Investment Officer of StoneRiver Company. “StoneRiver intends to capitalize on robust submarket rent growth, strong resident demographics, the explosive expansion of the Jacksonville economy, and the improvement of out-of-date interior finishes. In addition, StoneRiver Property Management will manage the property to support consistent rent growth and value creation.”
StoneRiver Company is a vertically integrated investment firm that acquires, develops, and manages multifamily real estate in the Southeast. 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. Founded in 1995, StoneRiver has acquired, developed, or invested in apartment communities across 10 states in the Southeast.