The Milestone Group Acquires Second Phoenix Multifamily Asset in 60 Days

February 1, 2022

180-Unit Mandarina Apartments Represent Strong Value-Add and Organic Growth Opportunities

DALLAS (February 1, 2022)— An affiliate of The Milestone Group (“Milestone”), a leading multifamily investment fund manager, has acquired its second multifamily asset in the Phoenix market in the last 60 days, representing approximately $100M of combined purchase price. Mandarina Apartments (“Mandarina”), a 180-unit multifamily property, was acquired through a recapitalization to further expand Milestone’s portfolio of assets in the Phoenix market, which now includes five assets representing over 1,500 units.

“The Phoenix market remains one of the strongest markets in the country and one that is attracting considerable corporate relocations that are driving significant employment and population growth,” said Jim Duey, Vice President of Acquisitions. “With Mandarina, we have a great opportunity to improve the competitive positioning of this Class A-asset to provide residents with a high-quality, attractive alternative to new construction.”

The Phoenix metropolitan area continues to be the preeminent growth market in the country, as the metropolitan area topped the nation in population growth for the fifth consecutive year 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.

Mandarina is the 12th acquisition for Milestone’s current value-add investment vehicle, Real Estate Investors V, LP (“Fund V”). Fund V is a $750 million private discretionary fund that expects to acquire over $2 billion of multifamily properties across the U.S.

In late November, Milestone acquired Tempe Vista Apartments, a 186-unit garden-style apartment community located in Tempe, Arizona. Similar to Mandarina, Tempe Vista offers a comprehensive value-add investment opportunity with the ability to drive long-term demand through property exterior and unit interior enhancements.

About the Property

Mandarina is a garden-style Class A- apartment community in the vibrant submarket of North Tempe, Arizona. Built in 2001, Mandarina is primed for a comprehensive value-add upgrade program that will include enhancements to the property’s curb appeal, resident common areas and amenities, and unit interiors.

The property features a mix of one- and two-bedroom units in a variety of floorplans with an average unit size of 790 square feet.

Located just minutes from Phoenix’s Sky Harbor International Airport, Mandarina benefits from a central, infill location proximate to many employment, retail and entertainment options in the nearby downtown Tempe and Tempe Town Lake areas. Additionally, Mandarina is adjacent to a light rail stop, providing immediate access to public transportation across the metropolitan area.

About Milestone

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 or contact

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