The Milestone Group, a privately held real estate investment management firm, has acquired two apartment communities in Fredericksburg, Virginia, that encompass 676 units.
Kensington Crossing has 476 one-, two- and three-bedroom units and Magnolia Falls features 200 one- and two-bedroom units. Both properties are fully renovated and located on US-17 near the I-95 interchange. The financial terms of the acquisition were not disclosed.
“These two assets are very well positioned in a highly sought-after submarket near abundant retail and dining options, and their proximate locations allow for meaningful operating efficiencies,” said Milestone Vice President of Acquisitions Jason Wise. “Our plans for the assets include enhancement of all common areas and amenities that will immediately boost the resident experience. Furthermore, Milestone assumed the existing loans on both, allowing for a quick and seamless transaction.”
Photo: Kensington Crossing
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