StoneRiver Co. Acquires 625-Unit AL Portfolio
- Jul 10, 2018
Entities managed by StoneRiver Co. has acquired a three-property multifamily portfolio in Mobile, Ala. Cushman & Wakefield represented the seller, PEM Real Estate Group, in the $39 million transaction. The portfolio comprises Huntleigh Woods, Southern Oaks and Ashford Place, which total 625 units. The firm also recently just arranged the $382 million sale of a senior housing portfolio comprising nine communities.
Executive Managing Director Jimmy Adams and Director Craig Hey of Cushman & Wakefield’s Southeast Multifamily Advisory Group, arranged the sale on behalf of PEM.
“These three properties offer features many investors are finding hard to locate: great locations, strong upside rents, and original interiors ready for a value-add,” Hey told Multi-Housing News.
Each of the three communities had original interiors and offer a legitimate value-add opportunity for the new owner. The properties mark the final investments for StoneRiver’s Fund I. The company deployed 100 percent of Fund I in value-add assets across the Southeast. The second fund will pursue a similar opportunity as well.
Huntleigh Woods is located at 375 Hillcrest Road. Comprising 233 units across 15 two-story buildings, the property was constructed in 1977 and is currently 96.1 percent occupied as of May 2018, according to Yardi Matrix. Floorplans are offered in one- and two-bedrooms ranging from 709 to 1,017 square feet. Features of the community include washer/dryers, private balcony/patios, a 24-hour fitness center, a tennis court, a swimming pool, laundry facilities, a coffee/tea bar, Wi-Fi in the common areas, picnic areas with barbecues, a dog park and 362 parking spaces.
Situated at 833 S. University Blvd., Southern Oaks features one- and two-bedroom apartments and townhouses ranging from 650 to 1,063 square feet, across 15 two-story buildings. The 1975-built community features 224 units and is currently 94.2 percent occupied as of May 2018, according to Yardi Matrix. The asset includes fireplaces, private balcony/patios, a bark park, a swimming pool, a clubhouse, two laundry facilities, a fitness center, an outdoor kitchen, a tennis and volleyball court, an internet cafe with coffee bar, 312 parking spaces and a picnic area with barbecues.
Ashford Place can be found at 6075 Grelot Road, comprising 168 one- and two-bedroom units. Built in 1983, the asset offers apartments ranging from 700 to 1,050 square feet, across 11 two-story buildings. As of May 2018, the community is currently 95.8 percent occupied. The property features washer/dryer hookups, private balcony/patios, central air, fireplaces, vaulted ceilings, a 24-hour fitness center, a community room, a swimming pool, laundry facilities, outside storage, 256 parking spaces, courtyard views, a bark park, a coffee/tea bar and a picnic area.