The Milestone Group Acquires Westhaven at Vinings in Atlanta
December 13, 2021
December 13, 2021
Dallas - The Milestone Group (“Milestone”) announced today that its current investment vehicle, Milestone Real Estate Investors V, LP (“Fund V”), recently completed the acquisition of Westhaven at Vinings, a 610-unit multifamily property located in the Cumberland/Galleria submarket of Atlanta, Georgia.
This transaction marks the 10th acquisition for Fund V which held its final closing earlier this year after raising $750 million of institutional capital commitments. Fund V has now acquired over 4,000 multifamily units across major markets in the Sun Belt and Mid-Atlantic regions of the U.S.
In conjunction with the acquisition, Milestone has announced plans for a modernization 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.
“Westhaven at Vinings is a great addition to our portfolio,” said Jason Wise, Vice President of Acquisitions. “The Cumberland/Galleria submarket’s historically strong demographics as well as a limited new supply of garden style apartments create a great opportunity for continued organic rent growth, especially upon completion of a targeted upgrade program of the units and amenities.”
Westhaven at Vinings was developed in three phases from 1985 to 1989. The property features a mix of one-, two- and three-bedroom units in a variety of layouts. Among the existing amenities are four swimming pools, two clubhouses, tennis courts and a dog park.
The property is well located within the Cumberland/Galleria submarket and has excellent connectivity to the area via Cumberland Parkway, I-75 and I-285. The property is also within a 3.5-mile radius of the Cumberland Business District, Home Depot Corporate HQ, Cobb Galleria and The Battery, a 1.5 million square foot mixed use development anchored by Truist Park, home of the Atlanta Braves and major corporate offices for Thyssenkrupp, Papa Johns, and Comcast.
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.