Milestone Picks Up 228-Unit San Antonio Multifamily Community
The Milestone Group purchased the Archer Stone Canyon Apartments, a 228-unit community located in San Antonio’s Far North Central neighborhood. Internacional previously owned the project.
The buyer assumed an existing Freddie Mac loan associated with the community. Milestone’s Chris Bartlett added, “By assuming the existing financing, we were able to save the seller from a significant prepayment penalty while offering us a more favorable interest rate than is currently available in the market, benefitting both parties.”
The group intends to undertake several capital enhancements at the property, particularly towards improving unit interiors, amenity spaces and the community’s appeal to renters with families. The community’s amenity spaces include a swimming pool, fitness center, clubhouse and controlled-access playground.
Archer Stone Canyon was built in 2005. According to Yardi Matrix data, prior to its sale to Milestone, the property last traded in 2018 when Internacional acquired it from Greystar for approximately $27 million.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.