BIRMINGHAM, AL - StoneRiver Company, a Birmingham, Alabama-based multifamily real estate company, announced today that it has completed its sale of Rise at Signal Mountain Apartments. CBRE represented StoneRiver in this transaction, and the terms of the sale were not disclosed.
Rise at Signal Mountain is a 280-unit apartment community located in Chattanooga, Tennessee. StoneRiver originally acquired the property in January 2020 and completed major capital improvements and upgrades to the property during its ownership. Under the direction of its in-house construction management division, StoneRiver renovated 216 of the property’s units to include granite countertops, vinyl wood flooring, and modern lighting and fixtures. It also upgraded the community’s indoor and outdoor amenity spaces and created new amenities such as a pet spa and private pet yards. Additionally, StoneRiver resurfaced, repainted, and replaced the windows throughout the property’s building exteriors.
StoneRiver Property Management (SRPM), StoneRiver’s in-house property management division, played a pivotal role in these improvements by carefully managing lease expirations and move-ins to allow for an efficient and timely renovation process.
Joseph Welden, President of StoneRiver Company, said, “Rise at Signal Mountain’s success is the result of careful planning and diligent execution by the StoneRiver and StoneRiver Property Management teams. It is a prime example of StoneRiver’s ability to deliver returns to our investors through a well-executed value-add business plan.”
StoneRiver is currently seeking value-add opportunities in the Southeast similar to Rise at Signal Mountain to acquire through StoneRiver Investment Fund II, a multifamily real estate investment fund that StoneRiver closed in July of 2021.
About StoneRiver Company: StoneRiver Company is a vertically integrated investment firm that acquires, develops, and manages multifamily real estate in the Southeast. Its in-house property management division manages its entire portfolio and drives value through a hands-on approach of operating communities from an owner’s perspective. Founded in 1995, StoneRiver has acquired, developed, or invested in apartment communities across 10 states in the Southeast. For more information, please visit www.stonerivercompany.com