StoneRiver Co. has sold three properties in Mobile that were purchased as part of its first fund in 2016. The three properties total 625 units.
Cushman & Wakefield Sunbelt Multifamily Advisory Group represented StoneRiver in the transaction, where terms were not disclosed.
The properties — Ashford Place, Huntleigh Woods and Southern Oaks — were the last of six properties in the first fund, which raised $32.8 million.
“We are proud of the strong returns these assets delivered to our Fund I investors. Our team creative value through strategic value-add enhancements and improved operations by our in-house property management division,” said Joseph Welden, president of StoneRiver Co.
Currently the company is seeking multifamily acquisitions and developments in the Southeast for its second fund.
Founded in 1995, StoneRiver is an investment firm that acquires, develops and manages multifamily real estate in the Southeast.