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S. Florida Rental Asset Trades for $111.6M
The Milestone Group (Milestone) announces its acquisition of the Axis Delray Beach Apartments, a 488-unit, garden-style multifamily community located at 1495 Spring Harbor Drive in Delray Beach, FL. Milestone paid $111.6 million for the property, about $229,000 a unit. The property, built in 1990, last traded for $102.5 million in 2017. The S. Florida Business Journal reports Newmark provided a $92.24 million mortgage to the buyer. Bainbridge Cos. was the seller.
Milestone’s Jason Wise added, “We have crafted a very thoughtful and thorough overhaul of the common area amenities, landscaping, and building exteriors that will not only greatly enhance the curb appeal of the asset but will also provide both new and existing residents with a next-level living experience. We expect this multimillion-dollar project to begin immediately.”
Amenities at Axis Delray Beach include two pools, a new clubhouse, two fitness centers and a dog park.
Units at Axis at Delray Beach range from 764 to 1,335 square feet and rent from $1,902 to $3,700.
- ◦Sale/Acquisition
- ◦Financing
