The Milestone Group (“Milestone”) announces the acquisition of the 206-unit Casa Brera at Toscana Isles apartment community in Lake Worth, Florida.
“Casa Brera was acquired at roughly a 20% discount to replacement cost in the supply-constrained Lake Worth submarket of South Florida,” said David Giles, Vice President of Acquisitions at Milestone. “By assuming the existing financing, we were able to close quickly while offering surety of execution to the seller. Our plan includes modernizing the exterior and amenities, along with selective interior upgrades to enhance the resident experience and strengthen property performance.”
“This is a great addition to our growing South Florida portfolio,” added Jason Wise, who leads East Coast investments for Milestone. “With two recent acquisitions in Palm Beach County, we remain confident in South Florida’s long-term fundamentals, driven by strong in-migration and ongoing corporate relocations.”
Casa Brera at Toscana Isles features one-, two-, and three-bedroom apartments at 4725 Via Bari in Lake Worth. Located between Palm Beach and Boynton Beach, the community provides its residents with convenient access to nearby shopping and recreation areas as well as to rapidly growing job centers.
Community amenities include a resort-style pool, a private movie theater, a state-of-the-art fitness center, a dog park, a multi-purpose sport court, a luxurious clubhouse, and a social lounge and entertainment bar. The residences feature open floor plans with granite countertops and stainless steel appliances, private balconies or patios, hardwood floors, and washers and dryers in every unit.
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.
