Milestone Group Picks Up 266-Unit Atlanta Asset
This garden-style property came online in 2021.
The Milestone Group has bought Legends at Laurel Canyon, a 266-unit multifamily property in Canton, Ga., north of Atlanta. United Residential Properties was the seller of the garden-style community, according to Yardi Matrix.
Prior to the latest sale, the community was subject to a $40.5 million, 10-year Fannie Mae loan originated in 2021 by Berkadia, the same data provider shows. The note had a 3.47 percent fixed interest rate.
Legends at Laurel Canyon came online in 2021 at 100 Legends Drive. The nine-building community spans 27 acres. It includes one-, two- and three-bedroom floorplans averaging 1,227 square feet.
The Milestone Group has kept busy as of late. In the second half of last year, the firm closed its sixth discretionary equity fund, a value-add one, at $1.1 billion. On the acquisitions front, the company also recently bought 206-unit asset in the Miami area from RAIA Capital Management.
A multifamily option near Atlanta
Unit amenities at Legends at Laurel Canyon include washer and dryer hookups, individual air conditioning as well as microwave ovens. In addition, apartments have island kitchens and 9-foot ceilings.
Shared facilities at the pet-friendly community encompass fitness and business centers, a clubhouse, a swimming pool, three laundry areas, a playground, a dog park and 440-plus grade-level parking spots.
The asset is next to a Publix supermarket. Also, there are several dining options within 0.5 miles of Legends at Laurel Canyon. Central Canton is 3 miles away, while downtown Atlanta is roughly 43 miles south.
