The Milestone Group, a real estate investment management firm focused on multifamily assets, has acquired the Axis Delray Beach Apartments, a 488-unit, garden-style community in Delray Beach, Florida.
Axis Delray Beach features one-, two-, and three-bedroom garden and townhome-style apartments in a lakefront, resort-style setting. Community amenities include two resort-style pools, a recently built resident clubhouse, two fully renovated fitness centers, and a “bark park.”
The financial aspects of the transaction were not disclosed.
“The acquisition of Axis Delray Beach compliments Milestone’s current portfolio, and our team was again able to source an off-market opportunity and executed a creative transaction that met the seller’s timing expectations,” said Milestone Vice President of Acquisitions Jason Wise. “And while the asset has been institutionally maintained and significant dollars have been spent on unit interior renovations by the seller, 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 multi-million-dollar project to begin immediately.”
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