Milestone Group Buys Two-Property Multifamily Portfolio Totaling 448 Units Near Phoenix
MESA AND GLENDALE, ARIZ. — An affiliate of The Milestone Group has purchased two multifamily assets totaling 448 apartments through a recapitalization valued at approximately $85 million.
Located at 1865 N. Higley Road in Mesa, Alta Mesa features 200 garden-style apartments in a mix of studio loft, one-, two- and three-bedroom layouts. Community amenities include two swimming pools, a hot tub, clubhouse, fitness center, racquetball court and movie theater.
Located at 7400 W. Arrowhead Clubhouse Drive in Glendale, Pavilions at Arrowhead offers 248 garden-style units in a mix of one- and two-bedroom layouts. On-site amenities include a pool, clubhouse with a spa and hot tub, a sundeck, fitness center and gas grill area.
Milestone plans to upgrade and renovate the properties, which were constructed in 1997 and 1999, respectively.