StoneRiver Company Profile

Background

StoneRiver Company is a vertically integrated investment firm specializing in the acquisition, development, and management of multifamily real estate properties in the Southeastern United States. Established in 1995 within Sterling Capital Management to manage family real estate investments, the firm rebranded as StoneRiver Company in 2006. In 2007, it expanded its operations by forming StoneRiver Property Management to oversee its investments. By 2011, StoneRiver pivoted to focus exclusively on multifamily properties and began accepting external equity investments.

Key Strategic Focus

StoneRiver's strategic focus centers on identifying and capitalizing on high-quality multifamily investment opportunities in the Southeast. The firm employs a comprehensive approach that includes:

• Acquisition and Development: Targeting properties with potential for value enhancement through strategic acquisitions and ground-up developments.

• Property Management: Utilizing its in-house division, StoneRiver Property Management, to implement operational improvements and enhance tenant satisfaction.

• Value-Add Enhancements: Executing renovations and upgrades to increase property value and rental income.

• Investor Relations: Cultivating relationships with investors to secure capital for current and future projects.

Financials and Funding

StoneRiver has successfully launched multiple investment funds to support its growth:

• Fund I (2016): Structured as a pledge fund, it acquired six communities in Georgia, Mississippi, and Alabama over a two-year investment period. The fund sold its final assets in 2022, delivering solid returns to investors.

• Fund II (2019): Launched to continue the firm's investment strategy in multifamily properties.

• Fund III (2023): Initiated to further expand StoneRiver's portfolio and capitalize on emerging opportunities in the multifamily sector.

Pipeline Development

StoneRiver's development pipeline includes:

• Ridgeland Ranch Apartments: Located in Jackson, Mississippi.

• Hampton House Apartments: Situated in Jackson, Mississippi.

• Hampton Place Apartments: Based in Columbus, Georgia.

• Southern Oaks Apartments: Located in Mobile, Alabama.

• Huntleigh Woods Apartments: Situated in Mobile, Alabama.

• Ashford Place Apartments: Based in Mobile, Alabama.

These properties have undergone varying degrees of value-add enhancements to improve operations and increase rental income.

Technological Platform and Innovation

StoneRiver leverages advanced property management software and data analytics to optimize operations, enhance tenant experiences, and inform investment decisions. The firm's proprietary technologies include:

• Property Management Systems: Streamlining operations and tenant communications.

• Data Analytics Tools: Providing insights into market trends and property performance.

• Financial Reporting Platforms: Ensuring transparency and accuracy in financial management.

Leadership Team

StoneRiver's leadership team comprises experienced professionals with diverse backgrounds:

• Benny M. LaRussa, Jr.: Chairman and CEO, with over 35 years of real estate investment experience.

• Joseph Welden, III: President and Chief Investment Officer, overseeing strategic leadership and investment execution.

• Dan Fuchs: Executive Vice President of Development, leading multifamily development strategies.

• Jim Richardson: Executive Vice President of Tax and Corporate Strategies, focusing on tax strategies and corporate initiatives.

• Colin Moorhouse: Senior Vice President and General Counsel, managing legal aspects of real estate transactions.

• Ryan Dennison, CPA: Chief Financial Officer, leading finance and accounting functions.

• Emily Jordan: Chief of Staff, enhancing internal operations and company culture.

• Mollie Seymour: Managing Director of Capital Markets, cultivating investor relationships.

• Amy Lazenby, SHRM-CP: Vice President of Human Resources, overseeing HR functions.

Leadership Changes

Recent leadership appointments include:

• Ryan Dennison, CPA: Appointed as Chief Financial Officer, bringing over 20 years of experience in strategic finance and accounting.

• Mollie Seymour: Joined as Managing Director of Capital Markets, focusing on investor relations and capital raising efforts.

Competitor Profile

Market Insights and Dynamics

The multifamily real estate market in the Southeastern United States has experienced significant growth, driven by population increases, economic development, and urbanization trends. Investors are attracted to the region's favorable demographics and demand for rental housing.

Competitor Analysis

Key competitors in the Southeastern multifamily real estate market include:

• Cortland: A real estate investment, development, and management firm specializing in multifamily properties.

• Greystar: A global leader in rental housing property management, development, and investment.

• RAM Partners: A full-service real estate management company focusing on multifamily communities.

These competitors emphasize property management excellence, strategic acquisitions, and value-add renovations to enhance property performance and investor returns.

Strategic Collaborations and Partnerships

StoneRiver collaborates with various stakeholders to strengthen its market position:

• Investors: Partnering with institutional and individual investors to fund acquisitions and developments.

• Local Governments: Working with municipal authorities to ensure compliance and secure necessary approvals.

• Construction Firms: Engaging reputable contractors for development and renovation projects.

Operational Insights

StoneRiver's competitive advantages include:

• In-House Property Management: Ensuring consistent quality and operational efficiency across its portfolio.

• Regional Focus: Deep understanding of the Southeastern market dynamics and opportunities.

• Value-Add Strategy: Proven track record of enhancing property value through strategic improvements.

Strategic Opportunities and Future Directions

StoneRiver aims to:

• Expand Portfolio: Continue acquiring and developing multifamily properties in high-growth areas.

• Enhance Technology: Invest in advanced property management and data analytics tools.

• Strengthen Investor Relations: Build long-term partnerships with investors to support growth initiatives.