BIRMINGHAM, AL - StoneRiver Company, a multifamily real estate firm based in Birmingham, Alabama, is pleased to announce its acquisition of Magnolia Grove, a 270-unit, garden-style apartment community located in Terrell, Texas, a suburb of Dallas. StoneRiver’s in-house property management division, StoneRiver Property Management, is managing the property. StoneRiver has demonstrated prior success in Texas, developing Avocet Apartments, located in San Antonio, in 2017.
Built in 2021, Magnolia Grove is surrounded by, and walkable to, newly developed restaurants and retail in one of Dallas’s high-growth suburbs. The property features unit interiors and community amenities unlike anything else currently available in the area. Amenities include a pet park and pet wash, an outdoor fitness area, detached garages, and extensive community areas. The property’s units feature granite countertops, faux wood flooring, 9-foot ceilings, and stainless appliances.
“Dallas-Fort Worth is the 4th largest U.S. metro and is continually ranked as one of the fastest-growing. We are confident that Magnolia Grove’s location along Dallas’s path of growth and the area’s expanding employment base will help make the property a successful investment for StoneRiver and our investors,” says Joseph Welden, President and Chief Investment Officer of StoneRiver Company.
StoneRiver is currently seeking multifamily acquisition and development opportunities in the Southeast through StoneRiver Investment Fund II, a multifamily real estate investment fund that StoneRiver closed in July 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