JACKSON, MS - StoneRiver Company is pleased to announce the acquisition of Tracewood Apartment Homes, a 280-unit multifamily property in Jackson, Mississippi. Located in the desirable Northeast Jackson submarket, the property is close to prime retail and employment centers in both Jackson and Madison County. Consistent with the prestigious neighborhoods surrounding Tracewood, the property has tremendous curb appeal and an exquisite layout. According to Josh Mandell, StoneRiver’s Director of Investments, “Tracewood fits ideally with our strategy of acquiring and upgrade solid assets in irreplaceable locations.”
With historical occupancy in the mid-90% range, StoneRiver will make a moderate investment in the rehabilitation of the property, including repairing roofs, siding and railings. Interiors will be upgraded with new flooring, kitchen and bath finishes, countertops, lighting and cabinet upgrades. The Company’s President, Joseph Welden, added, “We are excited about the unique potential of Tracewood and the opportunity to establish our presence in Jackson.”
Capital One provided debt financing via a Fannie Mae loan origination, and Rock Apartment Advisors and CBRE Memphis brokered the transaction. StoneRiver is a full-service real estate company based in Birmingham, Alabama. The Company invests in, develops and manages a wide variety of real estate holdings throughout the Southeast, including multifamily, office and industrial properties.