Stoneriver Sells Three Mobile Properties

MOBILE, Ala. — Birmingham-based StoneRiver Co. has sold three properties in Mobile purchased as part of its first fund in 2016, Business Alabama reported. The properties—Ashford Place, Huntleigh Woods and Southern Oaks— total 625 units and were the last of six properties in the first fund, which raised $32.8 million. Currently, the company is seeking multifamily acquisitions and developments in the Southeast for its second fund. Founded in 1995, StoneRiver is an investment firm that acquires, develops and manages multifamily real estate in the Southeast. Cushman & Wakefield Sunbelt Multifamily Advisory Group represented StoneRiver in the transaction, the terms of which were not disclosed.