StoneRiver Investment Fund II, a multifamily real estate fund managed by Alabama multifamily real estate investor, developer and operator StoneRiver Co., has achieved its final closing.
Fund II received more than $80 million of equity commitments, including co-investment capital for its initial acquisition. The vehicle will seek to acquire and develop multifamily properties in secondary and tertiary markets across the southeastern United States.
Fund II has acquired one asset to date: a 353-unit, class A garden-style community located in Knoxville, Tenn., known as The Ridge at Hamilton Crossing Apartments.
Fund II will target a total of six to 12 projects during its three-year investment period.
“Job and population growth in the Southeast, as well as demographic shifts away from homeownership, continue to support our investment thesis,” said Joseph Welden, president and CIO of StoneRiver. “Our investors recognize this, allowing Fund II to raise more
