StoneRiver Co., a real estate firm based in Birmingham, has re-entered the Texas market with the acquisition of Magnolia Grove, a 270-unit, garden-style apartment community in Terrell, a suburb of Dallas.
StoneRiver’s in-house property management division, StoneRiver Property Management, will manage the property, which was built in 2021.
Magnolia Grove is surrounded by newly developed restaurants and retail in one of Dallas’ high-growth suburbs. The property features amenities like a pet park and pet wash, outdoor fitness area, detached garages and several community areas. The complex’s units feature granite countertops, faux wood flooring, 9-foot ceilings and stainless appliances.
“Dallas-Fort Worth is the fourth-largest U.S. metro and is continually ranked as one of the fastest-growing. We are confident that Magnolia Grove’s location along Dallas’ path of growth and the area’s expanding employment base will help make the property a successful investment for StoneRiver and our investors,” said Joseph Welden, president and chief investment officer of StoneRiver Co.
StoneRiver Co. previously developed Avocet Apartments in San Antonio in 2017. Founded in 1995, the company is currently seeking multifamily acquisition and development opportunities in the Southeast through its StoneRiver Investment Fund II, a fund that closed in July 2021.