The Milestone Group announces acquisition of 228-unit apartments in San Antonio
The Milestone Group has announced the acquisition of Archer Stone Canyon Apartments, a 228-unit value-add multifamily community in San Antonio. The purchase price was not disclosed.
"Archer Stone Canyon is well-located, proximate to a number of employment centers and situated within San Antonio's top rated school district," said Jim Duey, vice president of acquisitions at Milestone. "Residents at Archer Stone Canyon enjoy the largest and most functional family-friendly units. We look forward to implementing capital enhancements to the property's amenities and unit interiors, improving its market position, livability and appeal as a family-friendly community."
Milestone acquired the property through an assumption of the existing Freddie Mac loan.
"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 p