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The Milestone Group has acquired a three-property, value-add, multifamily portfolio totaling 870 units in Fairfax County, VA.

The Milestone Group Save $20M on Fairfax Multifamily Portfolio with Loan-Assumption Strategy

The Milestone Group, privately held real estate investment management firm, has acquired a three-property, value-add, multifamily portfolio totaling 870 units in Fairfax County, VA.

  • The Ellipse at Fairfax Corner, a 1989-vintage, 404-unit, garden-style community
  • Windsor at Fair Lakes, a 1988-vintage, 250-unit, garden-style community
  • The Townes at Herndon Center, a 2002-vintage, 216-unit, townhome community

According to the The Milestone Group, the deal was executed as an off-market acquisition through a loan assumption that saved significant prepayment costs.

“In this case, we were able to save over $20M in prepayment costs by assuming the existing financing,” said Chris Bartlett, The Milestone’s Group’s head of capital markets. “Although loan assumptions can be an arduous process, a significant number of our investments during the last five years have been through loan assumptions, which we believe differentiates us when working with sellers as we are able to efficiently work through the process while saving substantial prepayment penalties.”

The Milestone Group acquired the portfolio in its discretionary value-add fund, Milestone Real Estate Investors V, LP, which brings the fund to nearly 6,000 multifamily units and The Milestone Group to 10,000 multifamily units across the US.

Photo: Ellipse at Fairfax Corner courtesy The Milestone Group


Inside The Story

The Milestone Group's Bartlett

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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