The Milestone Group Acquires The Club at Town Center in Jacksonville
August 12, 2022
August 12, 2022
DALLAS —The Milestone Group (“Milestone”) announced today that its current investment vehicle, Milestone Real Estate Investors V, LP (“Fund V”), has completed the acquisition of The Club at Town Center, a 432-unit multifamily property located in the Southside submarket of Jacksonville, Florida.
This transaction marks the 13th acquisition for Fund V which has now acquired over $1 billion in multifamily assets totaling approximately 5,000 units across major markets in the Sun Belt and Mid-Atlantic regions of the U.S. The Club at Town Center represents Fund V’s third acquisition in the state of Florida where it has acquired assets valued in excess of $350 million and totaling approximately 1,500 units.
In conjunction with the acquisition, Milestone plans to implement an upgrade program to ensure the property remains competitive with other communities in the marketplace. The value-add program includes comprehensive unit interior upgrades in addition to exterior and amenity enhancements.
“The Club at Town Center is a property that is well-suited for our portfolio and is a great addition to our current holdings in Jacksonville,” said Jason Wise, Vice President of Acquisitions. “The garden style property will give residents a quieter setting while still featuring high quality amenities and unit finishes, providing its residents exceptional value compared to newer communities in the area.”
The Club at Town Center was built in 1985. The property features an even mix of one- and two-bedroom units in a variety of floorplans that include both traditional flats as well as townhome-style units. Among the existing amenities are a swimming pool, fitness center, tennis court and a dog park.
The property is well located within the Southside submarket and has excellent connectivity to the Jacksonville area via I-295 and JT Butler Boulevard. St. Johns Town Center, which is anchored by national retailers Costco, Target, Nordstrom and Topgolf is located 1.5 miles south of the asset. Additionally, the Southside office submarket includes 16.4M square feet of office space and is home to companies such as Deutsche Bank, Gate Petroleum, Fidelity, Merrill Lynch, Comcast and Blue Cross Blue Shield.
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 over $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.