### StoneRiver Acquires 198 Milltown Apartments for $66.9M
StoneRiver Co. has purchased the 288-unit **198 Milltown Apartments** from Zimmerman Development Co. for **$66.9 million**.
Located at **198 Milltown St.**, the apartment complex was built in 2020 and offers **one-, two-, and three-bedroom units**, ranging in size from **700 to over 1,200 square feet**. The property sits **just north of Interstate 40/85**, on the west side of University Drive, in a **high-growth area** near Alamance Crossing and just minutes from Elon University.
### Amenities
Residents of 198 Milltown Apartments have access to a variety of amenities, including:
– **24-hour health club**
– **Resident lounge**
– **Pet spa and pet park**
– **Salt-water swimming pool**
– **Outdoor social lounge and grill area**
– **Amazon package lockers**
– **Playground**
– **Car care center**
– **Garages**
### Investment Details
According to the *Triad Business Journal*, this acquisition marks the first investment by **StoneRiver Investment Fund III**, which includes institutional, family office, and high-net-worth investors. A press release from **Berkadia** stated that the fund recently held its **initial equity closing**, securing **$81.75 million in capital commitments**.
This transaction signals StoneRiver’s strategic expansion into **high-growth residential markets** in the region.
