A joint venture between Torchlight Investors and Hampshire Properties has acquired Milestone Apartments, a 576-unit garden-style apartment community in Germantown, Md. Torchlight also provided $23 million in financing for the purchase. The asset comprises 27 buildings on 32 acres, and the new owners are planning to invest in several upgrades.
Located at 12526 Great Park Circle, Milestone Apartments is 30 miles north of downtown Washington, D.C. Nearby public transportation services and Interstate 270 provide easy access to neighboring cities and employment hubs. Completed in 1996, the asset includes one-, two- and three-bedroom units ranging in size from 690 to 1,180 square feet. Common-area amenities include:
- saltwater swimming pool
- fitness center
- tennis court
- picnic area
- community garden
- garage parking
The new owners are planning to invest in unit upgrades, including new appliances, flooring in kitchens and baths, as well as granite countertops, new cabinetry and light fixtures.
“The property is in an attractive market, has strong in-place, stable cash flow and is poised to benefit from the continuation of a successful renovation program,” said Zach West, an acquisitions professional at Torchlight, in a prepared statement.
In March, Torchlight acquired the $39.2 million Riverchase Landing in Birmingham, Ala. The 468-unit, Class B community was purchased by a joint venture of Torchlight, Balfour Beatty Communities and Apex One Investment Partners.
Image courtesy of Yardi Matrix