SAN ANTONIO, TX – The Milestone Group announced its acquisition of Archer Stone Canyon Apartments, a 228-unit value add multifamily community in San Antonio, Texas. The buy price was not told.
Located at 21302 Encino Commons in San Antonio, Archer Stone Apartments feature a location that includes canyon views and botanical gardens along with resort-styled amenities, while providing exceptional access to Highway 281 and major employment centers and retail destinations in the Far North Central neighborhood.
Community amenities include a resort-styled pool, 24-hour fitness center, resident clubhouse, and a playground within a controlled access, on-site managed property. The spacious, high-ceilinged units include washers and dryers, gourmet kitchens, detached garages, computer nooks, wood-style flooring, and sunrooms, patios, and balconies in certain units.
“Archer Stone Canyon is well-located, proximate to a number of employment centers and situated within San Antonio’s top rated school district,” said Milestone Vice President of Acquisitions, Jim Duey. “Residents at Archer Stone Canyon delight in the largest and most functional family-friendly units. We look forward to implementing capital enhancements to the property’s amenities and unit interiors, improving its market position, livability and appeal as a family-friendly community.”
Milestone bought the property through an assumption of the existing Freddie Mac loan. Milestone’s focuses on moderate leveraged and fixed interest rate financing, which aligns well with loan assumptions as a compelling financing option.
“By assuming the existing financing, we were able to save the seller from a significant prepayment penalty while offering us a more favorable interest rate than is currently available in the market, benefitting both parties,” said Chris Bartlett, Milestone’s Chief Operating Officer. “We have bought nearly $1 billion of assets through loan assumptions in the past two years, demonstrating our ability to ensure a seamless transaction for sellers.”

Powered by WPeMatico

RALEIGH, NC – Bell Partners, one of the nation’s leading apartment investment and management companies, announced it has bought Vintage Jones Franklin, a 277-unit apartment community located in Raleigh, North Carolina. The community was bought on behalf of Bell Core Fund I investors and will be renamed Bell Jones Franklin.
Completed in 2022, Bell Jones Franklin is located between suburban Cary and downtown Raleigh at the intersection of I-40, I-440 and U.S. 1, offering access to major retail and employment centers including Weston Parkway Office Park and Research Triangle Park. The Raleigh-Durham-Chapel Hill metro area is home to 14 Fortune 500 companies and three nationally recognized doctoral research universities, providing a large pool of highly skilled workers.
“The acquisition of Vintage Jones Franklin was a result of Bell’s deep local knowledge in the Raleigh metro area and a strong relationship with the developer,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “This investment reflects our conviction in the long-term growth and stability of the Raleigh market, improving immediate location and exceptional product that should suit the needs of current and future residents.”
Completed in 2022, Bell Jones Franklin offers modern apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a 24-hour fitness center, pet park, clubhouse and a resort-style pool with cabanas. Residents delight in simple access to entertainment, retail and lifestyle amenities with over 280 stores located in a three-mile radius.
With the addition of Bell Jones Franklin, Bell Partners now owns and/or manages 40 communities containing over 12,000 apartment homes in the Raleigh metropolitan area. Bell Partners is actively investing in 14 target markets located in the Northeast, Mid-Atlantic, Southeast, Texas and West Coast. The company broadened its footprint into the western U.S. in recent years and has added over 10,400 apartment homes to its management portfolio over the last 12 months.

Powered by WPeMatico

MINNEAPOLIS, MN – Adolfson & Peterson Construction (AP), a national, family-owned construction management and contracting company, recently broke ground on Artessa Mound Harbor, a cooperative living community for people 62 years and better in Mound, Minnesota. Located on Auditors Road less than a mile from Lake Minnetonka, Artessa Mound Harbor will include 125,000 square feet of living and community spaces at completion in August 2024. Artessa Development, an affiliate of Lifestyle Communities, is the experienced developer of the co-op community; AP is constructing the building and installing tenant finishes in partnership with Kaas Wilson Architects.
“The West Metro continues to see demand for high-quality amenities and buildings among potential community members,” said Blake Invie, Project Manager at AP. “We’re proud to support the redevelopment with a state-of-the-art living facility in the heart of the walkable Mound community. This is a fantastic opportunity for AP to build upon our expertise in senior living and establish a partnership with Artessa Development and Lifestyle Communities that will extend to communities around the country.”
Artessa Mound Harbor is comprised of 52 high-end senior co-op residences with 11 unique floor plans ranging from 1,006-1,905 square feet. One element that sets the co-op style apart from other senior housing options is the wide array of resident personalization options offered in each unit. Members choose a home plot situated across four floors of cooperative living. The main floor boasts roughly 6,150 square feet of indoor amenities and nearly 2,000 square feet of outdoor living spaces that act as an extension to a member’s private residence. Some of the many amenities include pickleball courts, fitness areas, lounges, a woodshop, a coffee bar, liquor lockers, a community kitchen and a theater. Exterior features include gathering areas, firepits, grill stations and a terrace.
“Artessa Mound Harbor provides members with an alternative to owning a single-family home or a townhome,” said Dena Meyer, President of Lifestyle Communities, Artessa Development. “It’s an appealing option for people looking to delight in a home where they can collectively own and control the cooperative community in which they reside.”
In Artessa communities, members buy a share in the cooperative corporation, which owns the land, building and common areas. This type of residential housing provides for steady annual growth of members’ equity at a fixed rate of return of the initial share payment. This ensures that homes remain affordable and marketable long-term.”
AP prioritizes fostering engagement with the community, city officials and local neighbors and business owners throughout the entirety of the project. Moreover, AP has directly collaborated with neighboring businesses to ensure their continuous operation during the construction phase. Additionally, the project team has diligently implemented an especially strict stormwater management plot to protect Lake Minnetonka.

Powered by WPeMatico