The Milestone Group (Milestone) announces its acquisition of the Axis Delray Beach Apartments, a 488-unit, garden-style multifamily community located at 1495 Spring Harbor Drive in Delray Beach, Florida. The purchase price was 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.”
Axis Delray Beach features a unique mix of one-, two-, and three-bedroom garden and townhome-style apartments in a lakefront, resort-style setting. Residents enjoy easy access to immediate retail options including Whole Foods and Trader Joe’s along with abundant retail and dining options in downtown Delray Beach, which is only two miles away. Axis Delray Beach is minutes from I-95, the Florida Turnpike, and the Delray Beach Tri-Rail Station, all providing quick access to major employers and demand drivers.
The Milestone Group is a leading, privately held real estate investment management firm with strong expertise and focus on value-add multifamily assets in major metropolitan markets of the United States. Founded in 2003, Milestone has created trust and confidence with its investors through successfully navigating multiple economic cycles across over $9 billion of multifamily investments totaling more than 90,000 units. Milestone invests through a series of discretionary equity funds and has corporate offices in Dallas, TX, Boca Raton, FL, and Atlanta, GA.
