Milestone Group Adds 180 Units at Charlotte Property
The firm has constructed seven new buildings at its Courtney Ridge Apartments.
The Milestone Group has completed a 13-acre, seven-building, 180-unit expansion of the Courtney Ridge Apartments in the Lower South End, or LoSo, section of Charlotte, N.C.
The developer, which acquired the existing 280-unit Courtney Ridge property in 2018, began construction on this second phase one year after the pandemic broke out, according to Michael Sauer, vice president, asset management at The Milestone Group. Sauer, who spearheaded the project’s day-to-day development and construction activities, said in prepared remarks that the timing enabled the company to incorporate features like an on-site conference room with industry-grade conferencing capabilities.
Construction financing was provided by PNC Bank. The project began in February 2021, with TuckerCraft as general contractor, SGA|NW as architect and Design Resource Group as project engineer.
Phase II of the property at 7030 Parkway Commons Drive offers a mix of one-, two- and three-bedroom floorplans. The apartments include 42-inch cabinets, washers and dryers and large balconies, while select units offer stand-up showers and 11-foot ceilings.
There is uninterrupted unit-to-common area fiberoptic Wi-Fi connectivity. Other community amenities include a clubhouse with individual workstation consoles, a 24/7 package delivery center, coffee bar, kitchen area and patio.
Residents of Phase II also have access to shared amenities in the development’s first phase including a pool, picnic area with outdoor kitchen, Wi-Fi lounge with high-speed internet and off-leash bark park. Courtney Ridge is located near the intersection of Billy Graham Parkway and Interstate 77. It is less than 7 miles and approximately 15 minutes from both uptown Charlotte to the northeast and the Charlotte Douglas International Airport to the northwest.
Milestone, a privately-held real estate investment manager, focuses on value-add multifamily assets in major metropolitan markets, particularly in the Sunbelt and Mid-Atlantic. Founded in 2003, the firm has made more than $9 billion of multifamily investments totaling more than 90,000 units through a series of discretionary equity funds. In May 2021, the firm closed Milestone Real Estate Investors V LP, with capital commitments of $750 million intended to invest in more than $2 billion of assets across the United States. Fund V was Milestone’s 18th investment vehicle and fifth discretionary fund focused on the U.S. multifamily sector.
In December, Milestone acquired a three-property portfolio totaling 870 units in Fairfax County, Va., through Fund V. The company purchased the properties, the 404-unit Ellipse at Fairfax Corner, the 250-unit Windsor at Fair Lakes and the 216-unit Townes at Herndon Center, through a loan assumption in an off-market deal that saved more than $20 million in prepayment costs. Last summer, using Fund V, Milestone acquired The Club at Town Center, a 432-unit property in Jacksonville, Fla.