The Milestone Group was attracted to a recapitalization opportunity because it aligns with the firm’s core acquisition strategy of purchasing well-located properties that offer significant value creation potential. For its latest opportunity, an affiliate of Milestone acquired the two multifamily assets representing 448 units through a recapitalization valued at approximately $85 million.
Both Springs at Alta Mesa in Mesa, AZ and Pavilions at Arrowhead in Glendale, AZ are in high-growth suburban locations within the Phoenix metropolitan area. Milestone believes that by upgrading the common area spaces and implementing a comprehensive unit interior renovation program, the firm can revitalize the properties from original 1997 and 1999 construction to best-in-class assets that will capture significant growth via increasing resident demand.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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