StoneRiver Co. purchased the 288-unit 198 Milltown Apartments from Zimmerman Development Co. for $66.9 million.

198 Milltown Apartments, which are located at 198 Milltown St., were built in 2020 and offer one-bedroom, two-bedroom and three-bedroom units, with sizes ranging from 700 square feet to over 1,200 square feet. The complex is just north of Interstate 40/85 on the west side of University Drive in a high-growth area near Alamance Crossing and only a few minutes from Elon University.

The apartment’s amenities include a 24-hour health club, resident lounge, pet spa and pet park,  salt-water swimming pool, outdoor social lounge and grill area, Amazon package lockers, a playground, a car care center and garages. 

The Triad Business Journal reports that the acquisition is the first investment by StoneRiver Investment Fund III, which includes institutional, family office, and high-net-worth investors, according to a press release from Berkadia. StoneRiver Investment Fund III recently held its initial equity closing and raised $81.75 million in capital commitments.

Vanderbilt University is buying up land in downtown Nashville to expand its footprint in the region. The university paid $66.9 million for a retail center on the town’s West End. The seller was Park Place Retail Partners. They paid $5.67 million for the four-parcel site in 2005.

The 3.23-acre property is anchored by the Park Place shopping center, which offers multiple restaurants, shops and office space in addition to Chipotle and Ted’s Montana Grill. The nearly 60,000-square-foot shopping center was constructed in 1985.

Vanderbilt will lease back the properties to the sellers.

The Nashville Business Journal reports the purchase is the latest addition to the university’s fast-growing Midtown portfolio.Vanderbilt has been buying up Midtown land for the last few years as it plans for the evolution of its campus in coming years, according to a previous statement. The latest purchase racks up the university’s land transaction volume to more than $260 million since 2019.