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StoneRiver Pays $39M for 625-Unit Apt. Portfolio in Mobile

PEM Real Estate Group Sells Three Complexes at $62,000 Per Unit
July 10, 2018
The 168-unit Ashford Place apartment complex at 6075 Grelot Rd. in Mobile, AL
Credit: Cushman & Wakefield

StoneRiver Co., a local full-service investment, management and development firm, purchased three apartment complexes totaling 625 units in Mobile, AL from PEM Real Estate Group. Southern Oaks, Huntleigh Woods and Ashford Place sold for $39 million, or approximately $62,000 per unit.

The garden-style complexes were built between 1975 and 1983 and comprise one- and two-bedroom units.

“These three Mobile properties are the final three investments for Fund I. We are pleased to have successfully deployed 100 percent of Fund I in quality value-add properties throughout the Southeast. Our second fund will pursue similar value-add opportunities in attractive markets as we look to continue to deliver quality returns for our investors,” said Joseph Welden, president of StoneRiver, in a statement.

The new owner will manage the properties in-house.

“StoneRiver was able to acquire three quality, value-add assets and immediately achieve both yield and scale in the Mobile market. Investors are continuing to see the metro as a profitable investment market, with a number of portfolio sales occurring in the area,” said Craig Hey, director of Cushman & Wakefield, in the firm’s press release.

Hey, along with Jimmy Adams at Cushman & Wakefield, represented the Scottsdale, AZ-based seller in the transaction.

Please refer to CoStar COMP #4285252 for additional information regarding this transaction.

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