The Milestone Group announced the acquisition of Solaire Apartments, a 252-unit, market-rate community in the Denver suburb of Brighton, Colo. The purchase price was not disclosed.
“Solaire is in one of the fastest-growing submarkets in the region and is an excellent strategic fit to our growing portfolio, acquired at an estimated discount to replacement cost in excess of 25 percent and located in a submarket characterized by limited new supply,” said Rich Ritter, vice president of acquisitions at Milestone. “Milestone assumed the existing agency debt, allowing for a quick transaction without capital markets risk. We will now execute a multi-phase, value-add strategy designed to enhance the resident experience and drive both immediate and sustained improvements in property performance.”
