JACKSON, MS - StoneRiver Company is pleased to announce the acquisition of a multifamily portfolio comprising Ridgeland Ranch Apartments (Ridgeland, MS) and Hampton House Apartments (Jackson).
Located in the most desirable submarket in Jackson, Hampton House is surrounded by upscale single family neighborhoods and major retail, with terrific access.
Ridgeland Ranch is located directly across East County Line Road, one of the key thoroughfares for the surrounding Hinds and Madison Counties. Situated in the affluent Ridgeland suburb, Ridgeland Ranch enjoys the same amenities and access, plus zoning for the coveted Ridgeland City school system.
According to Josh Mandell, StoneRiver’s Director of Investments, “Hampton and Ridgeland fit our strategy to acquire solid properties in irreplaceable locations, off market, and generate value through management and physical improvement.”
With historical occupancy in the mid-90% range, StoneRiver will improve key amenities, including the pool, fitness center and office. Exterior needs will be addressed, including roofs and siding replacement, and landscaping and paving repairs. Interior upgrades will be made to flooring, kitchen and bath finishes, countertops, and lighting. The Company’s President, Joseph Welden, added, “Jackson is an attractive market with a strong economy and we are excited to grow our footprint there.”
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.