Birmingham-based StoneRiver Co. has closed StoneRiver Investment Fund II LLC with more than $80 million of equity commitments, including co-investment capital from its initial acquisition.
StoneRiver is a vertically integrated multifamily real estate investor, developer and operator. Its in-house property management division manages its entire portfolio with a hands-on approach of operating communities from an owner’s perspective.
This fund will seek to acquire and develop multifamily properties in secondary and tertiary markets across the Southeast. StoneRiver’s in-house construction management team will lead the ground-up development of Class A communities and the renovations of value-add acquisitions.
“Job and population growth in the Southeast, as well as demographic shift away from home ownership, continue to support our investment thesis,” said Joseph Welden, StoneRiver president and chief investment officer. “Our investors recognize this, allowing Fund II to raise more than double the commitments of our first fund, which closed in 2016.”
To date, Fund II has acquired one asset, The Ridge at Hamilton Crossing Apartments. The Ridge has 353 units in a garden-style community in Maryville, a submarket of Knoxville, Tennessee.
Fund II will target a total of six to 12 projects during its three-year investment period.
StoneRiver was founded in 1995. The company has invested in apartment communities across 10 states in the Southeast. In Alabama, the company has invested in industrial/warehouse facilities in Birmingham and Bessemer; in land in Birmingham, Jasper, Harpersville and Hybart; in multifamily facilities in Birmingham, Huntsville, Mobile, Montgomery, Homewood, Moody and Mt. Pleasant; in offices in Birmingham and in retail facilities in Cahaba Heights, Foley and Clanton.