The Milestone Group Acquires Club at Millenia in Orlando
August 24, 2021
August 24, 2021
Dallas — An affiliate of The Milestone Group (“Milestone”) acquired Club at Millenia, a 560-unit apartment community located in Orlando, FL. The property was acquired through a recapitalization transaction by Milestone Real Estate Investors V, LP (“Fund V”), a fund that recently closed after raising $750 million of capital commitments. This acquisition represents the second Florida acquisition made by Milestone in the last 60 days and follows the sales last month of Legends at Champions Gate and Summit at MetroWest, both of which are located in Orlando.
Club at Millenia, developed in phases in 1989 and 2000, features a mix of one-, two- and three-bedroom units and modern amenities that include three swimming pools, a fitness center, sport courts, tennis courts, a dog park, and detached garages.
Jason Wise, Vice President of Acquisitions for Milestone, outlines the overall investment strategy and says, “The property is well-positioned for a multi-million-dollar upgrade program that will be undertaken over the next several years. This will provide the property with a consistent level of modern finishes across all units, enhanced curb appeal and best-in-class amenities.”
Minutes from the Orlando CBD and Orlando International Airport, the property benefits from a central location with convenient access to major, diversified employment as well as immediate proximity to popular retail and entertainment options including the Mall at Millenia and Universal Studios. “We believe Club at Millenia’s central location will enable the property to benefit from Orlando’s long-term growth trends and strong fundamentals,” added Wise.
Club at Millenia follows other recent acquisitions by Milestone including Emerald Palms Apartments, a 505-unit apartment community located in the Kendall submarket of Miami. With these two acquisitions, Milestone expands its Florida portfolio and now has assets in Miami, Tampa, Orlando and Jacksonville.
Like Emerald Palms, Club at Millenia is an attractive investment because of its alignment with Milestone’s core strategy to acquire properties that offer significant value creation potential and are well-located within targeted high growth markets.
Chris Bartlett, Milestone’s Head of Capital Markets, added, “We are excited to acquire another property in Orlando after two recent dispositions in the market, Legends at Champions Gate and Summit at MetroWest, which completed their value-add business plans. Club at Millenia is Milestone’s ninth acquisition in Fund V, which now owns over 3,500 multifamily units across Arizona, Florida, Maryland and Texas.”
The Milestone Group is a leading, privately held real estate investment management firm with strong expertise and focus on value-add multifamily assets in major metropolitan markets of the United States. Founded in 2003, Milestone has created trust and confidence with its investors through successfully navigating multiple economic cycles, maximizing returns for investors across approximately $8 billion of multifamily investments totaling more than 80,000 units. Milestone invests through a series of discretionary equity funds and has corporate offices in Dallas, TX, Boca Raton, FL, and Atlanta, GA. For more information, please visit www.milestonegp.com or contact firstname.lastname@example.org.