BIRMINGHAM, AL – StoneRiver Company announced final closing of StoneRiver Investment Fund II, LLC ("Fund II"), which has received over $ 80 million in equity commitments, including co-investment, for its first acquisition.
StoneRiver is a vertically integrated, multi-family real estate investor, developer and operator headquartered in Birmingham, Alabama. The in-house property management department manages their entire portfolio and adds value through a hands-on approach that operates communities from the owner's perspective.
Fund II will seek the acquisition and development of apartment buildings in secondary and tertiary markets in the southeastern United States. StoneRiver's in-house construction management team will lead the fundamental development of Class A communities and renovation of value-adding acquisitions. In addition to these strategies, Fund II will pursue core and core plus investments that support stable and predictable cash distributions with long term capital appreciation.
"The employment and population growth in the Southeast and the demographic shift away from home ownership continue to support our investment thesis," said Joseph Welden, President and Chief Investment Officer of StoneRiver. “Our investors recognize this and enable Fund II to more than double the commitments made by our first fund, which closed in 2016. We look forward to leveraging the talent of our team and network in the Southeast to continue creating value for our investors. "
To date, Fund II has acquired one asset – The Ridge at Hamilton Crossing Apartments, a 353-unit, Class A landscaped property in the Maryville submarket of Knoxville, Tennessee. Fund II will target a total of 6 to 12 projects over its three year investment period.
Source: StoneRiver Company
