The Milestone Group Acquires Emerald Palms Apartments in Miami
July 20, 2021
July 20, 2021
Dallas — An affiliate of The Milestone Group (“Milestone”) acquired Emerald Palms Apartments, a 505-unit apartment community located in the growing Kendall submarket of Miami, through a recapitalization of the controlling equity interest in the property.
Emerald Palms is the fourth acquisition made on behalf of Milestone Real Estate Investors V, LP (“Fund V”) and marks the firm’s entry into Miami as Milestone expands its Florida portfolio which already includes assets in Tampa, Orlando and Jacksonville.
“Milestone is excited to enter the Miami market with the acquisition of Emerald Palms,” says Jason Wise, Milestone’s Vice President of Acquisitions. “We believe South Florida will continue to benefit from long-term population and employment growth trends, and we believe Emerald Palms is well positioned in the market to capture significant growth over the next several years.”
This recapitalization opportunity was attractive because it aligns with Milestone’s core acquisition strategy which is to acquire properties that offer significant value creation potential and are well-located within targeted high growth markets.
Wise described that Milestone will implement a unit interior upgrade program, allowing the property to capitalize on the submarket’s most in-demand unit finishes. “Emerald Palms offers attractive amenities and a unique unit mix. We believe the already strong demand can be enhanced through strategic upgrades to the property including exterior updates and luxury unit finishes that will ensure the property meets the market’s demand for units with modern finishes.”
Emerald Palms was originally developed in phases in 1984, 1988, and 2004. The property features a balance of one, two and three-bedroom units in 14 different floorplans including many townhome style units. It has a complete menu of market competitive amenities, ranging from a fully equipped fitness center with state-of-the-art equipment, two swimming pools, business center and Amazon package lockers.
The property is located in Kendall, a growth-oriented submarket in suburban Miami, and offers excellent connectivity to the Florida Turnpike and Don Shula Expressway, providing convenient access to the Kendall and Coral Gables office markets which collectively employ over 165,000 employees.
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.