StoneRiver Co., a Birmingham-based real estate company, has sold Tracewood Apartments in Jackson, Mississippi. Cushman & Wakefield Sunbelt Multifamily Advisory Group represented StoneRiver in the transaction. Terms of the sale were not disclosed.
Tracewood was acquired by StoneRiver as part of three investments in the Jackson area in 2016. The 280-unit apartment community was built in 1976 and is just seven miles north of downtown Jackson.
“The successful sale of Tracewood provides significant benefit to our investors and is a reflection of focused strategy execution, sound property management and exceptional teamwork by the StoneRiver team,” said Joseph Welden, president of StoneRiver Co.
Tracewood, which offers one-, two- and three-bedroom units, has a clubhouse, volleyball court, fitness center, playground, pools and tennis courts. It is close to several restaurants, retailers and employers.
Founded in 1995 and specializing in the multifamily sector, StoneRiver’s in-house property management division manages its portfolio. The company has invested, acquired or developed apartment communities in 10 Southeastern states. While it mostly focuses on multifamily real estate, the company does own some industrial and warehouse property, office, retail and land throughout its Southeastern footprint, including in Alabama.