Milestone Group Expands Portfolio with Solaire Apartments
Milestone Group Acquires Solaire Apartments
The Milestone Group has successfully expanded its portfolio by acquiring the Solaire Apartments, a notable community that comprises 252 market-rate units. While the purchase price remains undisclosed, this acquisition is part of Milestone's strategy to enhance its real estate investments.
Strategic Importance of the Acquisition
This acquisition plays a key role in Milestone's strategic vision for growth. According to Rich Ritter, Milestone's Vice President of Acquisitions, Solaire Apartments is situated in an area experiencing rapid development, making it an appealing addition to their portfolio. The property was acquired at an estimated discount of over 25% compared to replacement cost, indicating a significant financial opportunity.
Financing and Transaction Details
Milestone has assumed existing agency debt related to this property, enabling them to proceed with the acquisition smoothly and mitigates risks usually associated with capital markets. The firm plans to implement a phased value-add strategy geared towards enhancing residents' experience while improving property performance effectively.
Property Overview
Solaire Apartments, located at 1287 S. 8th Avenue, represents modern living with its sustainable design and diverse apartment offerings, including one-, two-, and three-bedroom units. Residents enjoy convenient access to shopping options, restaurants, and recreational activities, making it an appealing choice for both families and individuals alike.
Exceptional Community Amenities
The community boasts an array of amenities, including a resort-style pool complete with lap lanes and a relaxing hot tub, a clubroom equipped with a kitchen and business center, and a 24-hour fitness center. Additionally, residents benefit from a dog park, a children's playground, and beautifully designed native grass areas that enhance the outdoor living experience.
About Milestone Group
Founded in 2003, The Milestone Group is a distinguished privately held real estate investment management firm. The company has built a solid reputation focusing on value-add multifamily assets within major metropolitan markets across the United States. Over the years, Milestone has successfully managed over $9 billion in multifamily investments, comprising more than 90,000 units, and has earned the trust and confidence of its investors.
Corporate Presence and Future Endeavors
Milestone has a strong corporate presence, with offices located in Dallas, Boca Raton, and Atlanta. The company continues to navigate various economic cycles, demonstrating resilience and strategic foresight in its operations.
Frequently Asked Questions
What is the Solaire Apartments acquisition about?
The Solaire Apartments acquisition involves Milestone Group purchasing a 252-unit community to enhance their portfolio in a fast-growing market.
What benefits does Milestone plan to implement for residents?
Milestone will execute a multi-phase strategy to improve resident experience and property performance enhancements based on strategic planning.
Where is Solaire Apartments located?
Solaire Apartments is situated at 1287 S. 8th Avenue, making it accessible for residents to enjoy surrounding amenities.
What type of amenities can residents expect?
Residents will have access to a resort-style pool, fitness center, business center, dog park, and well-designed outdoor spaces.
What is the background of the Milestone Group?
Founded in 2003, the Milestone Group specializes in value-add multifamily properties and has successfully managed over $9 billion in investments.
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