StoneRiver Acquires Burlington Apartments for $66.9M

StoneRiver Co. purchased the 288-unit 198 Milltown Apartments from Zimmerman Development Co. for $66.9 million. Caleb Troop and Thomas Colaiezzi of Berkadia Charlotte led the transaction.

198 Milltown Apartments, which are located at 198 Milltown St., were built in 2020 and offer one-bedroom, two-bedroom and three-bedroom units, with sizes ranging from 700 square feet to over 1,200 square feet. The complex is just north of Interstate 40/85 on the west side of University Drive in a high-growth area near Alamance Crossing and only a few minutes from Elon University.

The apartment’s amenities include a 24-hour health club, resident lounge, pet spa and pet park,  salt-water swimming pool, outdoor social lounge and grill area, Amazon package lockers, a playground, a car care center and garages. 

The Triad Business Journal reports that the acquisition is the first investment by StoneRiver Investment Fund III, which includes institutional, family office, and high-net-worth investors. StoneRiver Investment Fund III recently held its initial equity closing and raised $81.75 million in capital commitments.