The Milestone Group Acquires Jacksonville Property

Club at Town Center. Image Courtesy of The Milestone Club

Milestone Real Estate Investors V LP, which is The Milestone Group‘s current investment vehicle, has acquired The Club at Town Center, a 432-unit multifamily property located in Jacksonville, Fla. The seller was GoldOller Real Estate Investments, according to Yardi Matrix.

This is Fund V’s first acquisition in Jacksonville and its third in Florida. The Milestone Group is planning a value-add program, which will include both interior and common-area upgrades.

Completed in 1985, The Club at Town Center encompasses 29 buildings, traditional flats as well as townhome-style units, with one- and two-bedroom units ranging from 600 to 1,100 square feet. Community amenities include a fitness center, a clubhouse, pet area, a business center, a spa, a tennis and volleyball court, a swimming pool and two laundry facilities. All units include washers and dryers, while some units also offer fireplaces.

A well-located Jacksonville community

Located at 3737 Saint Johns Bluff Road S., the property is right next to JT Butler Boulevard, which offers direct access to E Beltway 295 and Beach Boulevard. The community is also 1.1 miles from the University of Florida and 2 miles from Florida State College at Jacksonville. The 1.4 million-square-foot St. Johns Town Center shopping mall is located just 1.5 miles from The Club at Town Center. Additionally, the Southside office submarket encompasses 16.4 million square feet of office space, according to The Milestone Group.

The Milestone Group closed Milestone Real Estate Investors V back in May, with capital commitments of $750 million and is expected to invest in more than $2 billion of multifamily assets across the U.S.