An affiliate of The Milestone Group has acquired its second multifamily asset in the Phoenix market in the past 60 days, representing approximately $100 million of combined purchase price.
Mandarina Apartments, a garden-style, 180-unit multifamily property, was acquired through a recapitalization to further expand Milestone’s portfolio of assets in the Phoenix market, which now includes five assets representing over 1,500 units.
It is located in the submarket of North Tempe, Ariz. Built in 2001, Mandarina is primed for a comprehensive value-add upgrade program that will include enhancements to the property’s curb appeal, resident common areas and amenities, and unit interiors.
Located just minutes from Phoenix’s Sky Harbor International Airport, Mandarina benefits from a central, infill location proximate to many employment, retail and entertainment options in the nearby downtown Tempe and Tempe Town Lake areas. Additionally, Mandarina is adjacent to a lig
