Berkadia, a leader in the commercial real estate industry, announced the sale of 198 Milltown Apartments, a 288-unit, Class A multifamily community located in Burlington, North Carolina, in the Greensboro-Winston-Salem metro area.
Senior Managing Director Caleb Troop and Director Thomas Colaiezzi of Berkadia Charlotteled the transaction on behalf of the seller, Zimmer Development Company, a national commercial and multifamily developer based in Wilmington, North Carolina. For over 30 years, Zimmer Development Company and its affiliates have developed over 260 projects in over 150 cities with over 8 million square feet of retail space and over 20,000 multifamily beds, valued in excess of $4 billion.
198 Milltown sold on March 13 to StoneRiver Company, a vertically integrated investment firm based in Birmingham, Alabama, that acquires, develops, and manages multifamily real estate in the Southeast. The acquisition is the first investment by StoneRiver Investment Fund III, a fund that includes institutional, family office, and high net worth investors. StoneRiver Investment Fund III recently held its initial equity closing and has raised $81.75 million in capital commitments. StoneRiver will continue raising capital for the fund and is seeking commitments totaling $200 million to $300 million. 198 Milltown will be managed by StoneRiver Property Management, StoneRiver’s in-house property management division.
“It is not a stretch to say that 198 Milltown is one of the best performing apartment assets I have seen in this state over the last 12 months,” Troop said. “I have no doubt StoneRiver will be successful with this investment.”
Built in 2020 and located at 198 Milltown Street, the community offers one-, two- and three-bedroom units ranging from 700 to over 1,200 square feet. Apartment amenities include open-concept floor plans with 9-foot ceilings, oversized windows and spacious walk-in closets; modern kitchens with granite countertops and energy-efficient stainless-steel appliances; wood-plank vinyl flooring and carpets in bedrooms; in-unit washer/dryer; and patios/balconies.
Conveniently located off of I-40, 198 Milltown is just 10 minutes from Elon University, 20 minutes from Greensboro and Durham, and 40 minutes from Winston Salem.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
