The Milestone Group Acquires Phoenix Multifamily Asset
December 13, 2021
December 13, 2021
Dallas - An affiliate of The Milestone Group (“Milestone”) has acquired Tempe Vista Apartments, a 186-unit garden-style apartment community located in Tempe, Arizona. This marks the 11th acquisition for Milestone’s current value-add investment vehicle, Milestone Real Estate Investors V, LP (“Fund V”). Fund V is a $750 million discretionary fund that expects to acquire over $2 billion of multifamily properties across the U.S.
In keeping with Fund V’s acquisition strategy, Tempe Vista offers a comprehensive value-add investment opportunity with the ability to drive long-term demand through property exterior and unit interior enhancements.
“Tempe Vista represents a classic Milestone investment thesis,” said Jim Duey, Vice President of Acquisitions. “The planned capital improvements and an already excellent amenity package will enable Tempe Vista to continue to enjoy strong organic rent growth while at the same time optimizing future value through a proven value-add program.”
The property is located in Tempe, an urban infill submarket of Phoenix along the loop 101 freeway and is less than two miles from Arizona State University, the largest university in the country. The Tempe area has been a magnet for corporate relocations and expansions that will support hundreds of quality new jobs, creating demand for housing. The garden style community features one- and two-bedroom units, multiple floor plans and attractive amenities including two pools, a clubhouse and a dog park.
The Phoenix metropolitan area continues to be the preeminent growth market in the country, as the metro topped the nation in population growth fifth year in a row according to recent U.S. Census population estimates. Phoenix has recovered more than 100 percent of the job losses from pre-pandemic levels, representing one of the fastest job recoveries in the nation.
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.