Milestone Group Grows Charlotte Footprint

The asset previously traded in 2020 for nearly $32 million.

The Weathersby Apartments

The Weathersby Apartments previously traded for nearly $32 million. Image courtesy of Yardi Matrix

The Milestone Group has acquired The Weathersby Apartments, a 180-unit multifamily community in Charlotte, N.C. The seller was Covenant Capital Group, which purchased the asset in 2020 for $31.7 million, according to Yardi Matrix information.

Milestone Vice President of Acquisitions Jason Wise said, in prepared remarks, that the transaction was executed off market and involved the assumption of existing debt. In 2022, the property became subject to a $3.9 million Freddie Mac loan originated by CBRE, the same data provider shows.

Completed in 1995, The Weathersby comprises 20 two-story buildings with two-, three- and four-bedroom floorplans ranging from 1,028 to 1,386 square feet. All layouts feature in-unit washers and dryers. Amenities at the fully renovated community include a swimming pool, fitness center, playground, volleyball court and clubhouse, along with 400 parking spaces.

Located at 8415 University Station Circle, the 17-acre property is just north of Highway 24, between interstates 85 and 77. The community is also roughly 10 miles north of downtown Charlotte and some 14 miles from the Charlotte Douglas International Airport, adjacent to The Shoppes at Davis Lake shopping mall.

Milestone’s portfolio comprises more than 90,000 units across the U.S. In Charlotte, the company also owns Courtney Ridge Apartments, a 280-unit property that was recently brought to its current size.

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