Birmingham-based StoneRiver Co. acquired Tracewood Apartment Homes, a 280-unit apartment community in Jackson, Miss., for $14.2 million.
According to a release, the property is located in the Northeast Jackson submarket, with easy access to Jackson and Madison County. It is StoneRiver’s first Mississippi property.
“Tracewood fits ideally with our strategy of acquiring and upgrading solid assets in irreplaceable locations,” said Josh Mandell, StoneRiver’s Director of Investments, in a statement.
StoneRiver will invest in upgrading the interiors with new flooring and kitchen and bath finishes, as well as repairing roofs and siding on the exterior. The property historically has an occupancy in the mid 90 percent range.
“We are excited about the unique potential of Tracewood and the opportunity to establish our presence in Jackson,” said StoneRiver President Joseph Welden, in a release.
Rock Apartment Advisors and CBRE Memphis brokered the transaction, according to the release.