StoneRiver Co., a Birmingham multifamily real estate firm, has sold Rise at Signal Mountain Apartments in Chattanooga. CBRE represented StoneRiver in the transaction, and the terms of the sale were not disclosed.
Rise at Stone Mountain is a 280-unit apartment community that was acquired by StoneRiver in January 2020. During StoneRiver’s ownership, it renovated 216 of the units to include granite countertops, vinyl wood flooring and modern lighting and fixtures. It also upgraded the community’s indoor and outdoor amenity spaces, as well as painting and resurfacing the property’s exteriors.
“Rise at Signal Mountain’s success if the result of careful planning and diligent execution by the StoneRiver and StoneRiver Property Management teams. It is a prime example of StoneRiver’s ability to deliver returns to our investors through a well-executed value-add business plan,” said Joseph Welden, president of StoneRiver Co.
StoneRiver is currently seeking other properties similar to Rise at Signal Mountain to acquire through its StoneRiver Investment Fund II, which closed in July 2021.