Updated Oct 13, 2026
StoneRiver Co Acquires 198 Milltown Apartments In Burlington NC From Zimmerman Development Co For $66.9M
198 Milltown St
$66,900,000
Units
288
Asset Type
MultiFamily
Closing
Mar 21, 2025
About this deal
AI
The 198 Milltown Apartments, located at 198 Milltown St in Burlington, NC, was sold for $66.9 million. This multi-family asset comprises 288 units, with a price per unit of $232,292. The apartment complex was built in 2020 and is situated in a high-growth area, near Elon University, featuring a variety of amenities.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $66,900,000
- Buyer: StoneRiver Co
- Seller: Zimmerman Development Co
- Units: 288
- Price Per Unit: $232,292
- Market: Burlington, NC
- Sale Date: 03/21/2025
StoneRiver Co. acquired the property as the first investment by StoneRiver Investment Fund III, which signifies a strategic move into the Burlington market. Zimmerman Development Co. was the seller in this transaction.
On the Map
$66,900,000
MultiFamily
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Burlington MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93