BIRMINGHAM, AL – StoneRiver Company announced the final closing of StoneRiver Investment Fund II, LLC (“Fund II”), which received over $80 million of equity commitments, including co-investment capital for its initial acquisition.
StoneRiver is a vertically integrated multifamily real estate investor, developer, and operator headquartered in Birmingham, Alabama. Its in-house property management division manages its entire portfolio and drives value through a hands-on approach of operating communities from an owner’s perspective.
Fund II will seek to buy and develop multifamily properties in secondary and tertiary markets across the Southeastern United States. StoneRiver’s in-house construction management team will lead the ground-up development of Class A communities and the renovation of value-add acquisitions. In addition to these strategies, Fund II will pursue core and core-plus assets that support stable and predictable cash distributions with long-term capital appreciation.
“Job and population growth in the Southeast, as well as demographic shifts away from homeownership, continue to support our investment thesis,” said StoneRiver’s President and Chief Investment Officer, Joseph Welden. “Our investors recognize this, allowing Fund II to raise more than double the commitments of our first fund, which closed in 2016. We are excited to leverage the talent of our team and our network in the Southeast to continue making value for our investors.”
To date, Fund II has bought one asset – The Ridge at Hamilton Crossing Apartments, a 353-unit, Class A garden style community located in the Maryville submarket of Knoxville, Tennessee. Fund II will target a total of 6 to 12 projects during its three-year investment period.

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LADY LAKE, FL – West Shore, a multifamily real estate investment firm, has achieved a portfolio milestone of owning and operating more than 10,000 units, and continues to expand with the acquisition of Parkside at East Village, a brand-new Class A community near The Villages in Florida. Effective immediately, the property will be renamed Parker at East Village. West Shore owns and operates fourteen other properties in Florida.
“Parker at East Village is a best-in-class asset in a market that’s experiencing exceptional growth,” said Steven P. Rosenthal, Chairman of West Shore. “Our disciplined, focused business plot and strategic investment model has enabled us to reach the significant achievement of owning over 10,000 units.”
The 282-unit property in Lady Lake is an elevator served, garden-style apartment community that was completed in 2020. Parker at East Village offers residents top-of-the-market finishes and amenities, immediate proximity to retail and dining options, and is situated just outside of The Villages, the #1 fastest-selling master plotted community in the country the last 12 years running. Conveniently located off US 27/411 with thoughtful unit layouts in a mix of one, two, and three-bedroom apartments, the community has set the standard in the market for future luxury apartment living, while offering a robust amenity package.
“We are proud to continue the strong growth of West Shore and expand our Florida portfolio with this terrific acquisition,” said West Shore President, Lee Rosenthal. “Parker at East Village is a unique property in an exciting and expanding market.”

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AUSTIN, TX – Korman Communities, in partnership with Verde Capital, has completed the buy of its first property in Austin, Texas. The groundbreaking new, 226-unit, Class AA property, AVE Austin, offers a unique flexible-stay living solution in North Austin, conveniently situated between Downtown Austin and The Domain.
This acquisition represents the first of what we anticipate will be many new ventures in this region, says Bradley Korman, co-CEO of the Philadelphia-area-based Korman Communities. We continue to focus on markets that best reflect where people want to live and work, purchasing and developing state-of-the-art residential properties.
The investment in AVE Austin aligns with Verde Capital s continued pursuit of opportunities in high-growth urban and suburban markets.
With its proximity to major educational institutions, medical systems, and technology jobs, this location offers the sustainable demand drivers that will make AVE Austin a sought-after property for decades to come, says Jake Reiter, president of Verde Capital.
AVE Austin features studio, one-, two-, and three-bedroom spacious luxury apartments and fully furnished apartments coupled with unparalleled, on-demand business and resort amenities, and a dedicated service team on site seven days a week.
Austin is seeing an influx of new residents every year due to its growing job market, so there is a real need for comfortable, flexible living options, says Lea Anne Welsh, COO of Korman Communities and president of its AVE brand. We ve got them covered at AVE Austin – whether they need a place to live month-to-month with furnishings while they get situated or they re looking for an unfurnished apartment longer term.
All residents delight in complimentary, on-demand access to resort and business amenities featuring a sparkling pool and grilling stations, state-of-the-art fitness center, tranquility courtyard with hammocks and a fire pit, a rooftop lounge with downtown Austin views, pet spa, cyber lounge, flex workspace, and private meeting rooms. AVE s professional Resident Services team is on site seven days a week to help with day-to-day living needs and to make a sense of community through concierge support, events, and partnerships.
Our goal is to manage first-class communities where people can live, work, and play, says Welsh. Everything we offer – from our attentive service, quality apartments, on-demand amenities, and community events, is to ensure our residents are comfortable and feel taken care of.
AVE Austin is centrally located in North Austin, walking distance from the Red Line providing service from Leander to Downtown with stops at UT-Austin and The Domain®. This state-of-the-art residential community is convenient for commuting, offering simple access to highways 35 and 183.

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