Milestone Group Picks Up Nearly 700 Units in Virginia
This purchase brings the company's portfolio in the area to five properties.
The Milestone Group has closed on the purchase of two vintage multifamily communities in Fredericksburg, Va., totaling 676 units. Kensington Crossing and Magnolia Falls were previously owned by Covenant Capital Group, Yardi Matrix data shows.
With the acquisition, Milestone is taking on the previous owners’ existing loans for the properties. These include $74.2 and $25.6 million in Fannie Mae DUS financing, both originated by Prudential Financial, according to the same source. All the loans will mature in 2029.
Covenant Capital Group bought Kensington Crossing in 2020 for $91.7 million, financed in part through $61.84 million from Fannie Mae. The company also owned Magnolia Falls since 2021, when it purchased the property for $52.1 million.
Property details and renovations
According to Jason Wise, Milestone’s Vice President of acquisitions, the firm plans to upgrade both properties’ common areas and amenity spaces, following a recent renovation of unit interiors.
LISTEN: Mission Success: Combining Passion With the Need to Improve Communities
Kensington Crossing, the larger of the two properties, is a 476-unit, 45-building garden-style community located at 101 Knights Court in Fredericksburg’s Southern Gateway suburb. Built in 2001, the property is sectioned into one-, two-, and three-bedroom apartments, which were renovated to include kitchens with granite countertops and stainless-steel appliances, as well as plank flooring. Current amenities include two swimming pools and fitness centers, a business center, clubhouse and 960 covered parking spaces.
Magnolia Falls is a 200-unit community built in 1989. The one- and two-bedroom units were upgraded nearly identically to Kensington Crossing and renters have access to a fitness center, clubhouse, playground and swimming pool, alongside volleyball and pickleball courts. The community is located at 2500 Green Tree Rd., roughly half a mile to the west of Kensington Crossing.
Both communities lie approximately five miles to the northwest of Fredericksburg’s National Historic District.
More vintage NoVA for Milestone
Milestone’s latest purchase brings its Northern Virginia portfolio up to five properties. Two years ago, the firm purchased a three-property, 870-unit portfolio located around Fairfax County. The properties were built between 1988 and 2002.
Earlier this year, the firm also expanded its South Florida holdings with the acquisition of Axis Delray Beach Apartments, a 488-unit garden style community. The community features one-, two- and three-bedroom homes in a lakefront, resort-style setting.
