StoneRiver Company, a Birmingham, Alabama-based multifamily real estate company, announced today that it has completed the sale of its three-property, 625-unit portfolio in Mobile, Alabama. Cushman & Wakefield Sunbelt Multifamily Advisory Group represented StoneRiver in this transaction, and the terms of the sale were not disclosed.
The properties – Ashford Place, Huntleigh Woods, and Southern Oaks – were the last remaining assets in StoneRiver’s first fund. StoneRiver raised Fund I in 2016 to build upon its two-decade track record of acquiring, developing, improving, and operating multifamily real estate. Fund I raised approximately $32.8 million and acquired six communities, totaling 1,315 units, in Georgia, Mississippi, and Alabama.
Joseph Welden, President of StoneRiver Company, said, “We are proud of the strong returns these assets delivered to our Fund I investors. Our team created value through strategic value-add enhancements and improved operations by our in-house property management division.”
StoneRiver is currently seeking multifamily acquisitions and developments in the Southeast through StoneRiver Investment Fund II, an investment fund that StoneRiver closed in July of 2021. To date, Fund II has acquired two communities located in the Knoxville, Tennessee, and Dallas, Texas, metropolitan areas, and a third acquisition is under contract.