Milestone Group Acquires Washington, DC-Area Community
The firm now owns the majority interest in a 564-unit asset in Rockville, Md.
The Milestone Group has entered the Washington, D.C. area market with its acquisition of The Villages at Decoverly. An affiliate of Milestone acquired the majority interest in the Rockville, Md., community from a foreign investment firm who was represented by JLL’s Steve Collins, Walter Coker, Brian Crivella and Robert Jenkins. Jason Wise, Milestone’s vice president of acquisitions, told Multi-Housing News that the minority interest is held by Stellar Advisors, who manages and will continue to manage the property.
Developed in phases in 1991 and 2006, The Villages at Decoverly offers 564 units in a garden-style apartment community. The units are configured in one-, two- and three-bedroom floorplans that range in size from 678 to 1,352 square feet. While all the units were built with a patio or balcony, only some apartments offer ceiling fans. The community’s amenities include two pools, two fitness centers, tennis courts, an outdoor grilling and entertainment area and a children’s play area.
Wise said in prepared remarks that The Villages of Decoverly is located in a submarket that has substantial demand for communities with modern finishes and amenities. Wise also told MHN that the community was more than 92 percent occupied at the time of acquisition.
ROBUST RENOVATIONS PLANNED
Wise told MHN that the Milestone will be conducting renovations in phases on The Villages of Decoverly, with an expansive renovation program scheduled to start in 2022. The renovations will improve the units to luxury market standards similar to new development alternatives, Wise told MHN.
With its latest acquisition, Milestone has made its first substantial investment into the Washington, D.C. area, Wise told MHN, adding that the firm is eager to pursue more acquisitions to build its area footprint. Outside the D.C. area, Milestone has also furthered its investment into the Phoenix market, with a recent acquisition of a 248-unit community for $43.3 million.