FAIRFAX, VA – The Milestone Group has announced its acquisition of a three-property, value-add, multifamily portfolio totaling 870 units in Fairfax County, Virginia, executing an off-market acquisition through a loan assumption that saved significant prepayment costs. The buy price was not told.
“The properties in this portfolio are well-located and of institutional quality, providing Milestone with a strong mark-to-market opportunity to improve performance through strategic capital enhancements and a sophisticated operating platform,” said Milestone Vice President for Acquisitions, Jason Wise. “These communities reflect Milestone’s continued interest in acquiring assets in resilient, high barrier-to-entry markets, close to major employment centers, fantastic schools, and abundant amenities. We look forward to executing our business plot and modernizing the assets to improve their position in the market.”
The Acquisition Included:
The Ellipse at Fairfax Corner in Fairfax, VA features one and two-bedroom apartments conveniently located near the amenity-rich Fairfax Corner and Honest Oaks Mall destination retail centers. The property is minutes from I-66, Route 50, and Route 28, providing exceptional access to job destinations in Fairfax, the Dulles Corridor, Tysons, and Washington, D.C. Residents delight in spacious apartments with fireplaces, a fitness center, pool, business center, and tennis courts in a mature, wooded setting.
Windsor at Honest Lakes in Chantilly, VA provides one, two, and three-bedroom floor plans in luxury apartments within walking distance to Whole Foods and minutes to Fairfax Corner and Reston Town Center amenities. A resort-style pool, state-of-the-art fitness facility, dog park, and convenient access to the WO&D bike trail provide residents with exceptional outdoor activity options while living close to key transportation routes.
The Townes at Herndon Center near historic downtown Herndon, VA features two and three-bedroom open floorplan townhome apartments in a walkable setting convenient to grocers Whole Foods, Trader Joes, and Harris Teeter, and minutes from destination retail at Reston Town Center. The community features a pool and fitness center as well as one and two-car attached garages for each unit.
Milestone bought the portfolio in its discretionary value-add fund, Milestone Real Estate Investors V, LP (Fund V), bringing Fund V to nearly 6,000 multifamily units and Milestone to 10,000 multifamily units across the United States. Fund V seeks to make growth for investors by capitalizing on risk-adjusted, value-oriented opportunities through direct buys, entity buys, joint ventures, and recapitalizations. Milestone has a reputation for specifically solving for a seller’s strategic or structural requirements.
“We focus on creative deal structures to generate win-win solutions with sellers. In this case, we were able to save over $20M in prepayment costs by assuming the existing financing,” said Chris Bartlett, Milestone’s Head of Capital Markets. “Although loan assumptions can be an arduous process, a significant number of our investments during the last five years have been through loan assumptions, which we believe differentiates us when working with sellers as we are able to efficiently work through the process while saving substantial prepayment penalties.”

Powered by WPeMatico

SAVANNAH, GA – Aventon Companies, a prominent, vertically integrated multifamily developer with active projects throughout the Mid-Atlantic and Southeast, announces its newest project, Aventon Victory in Savannah, Georgia. The community will be a 280-unit, four-tale, Class-A development, located near the intersection of Victory Drive and Harry Truman Parkway, just two miles from historic Downtown Savannah and just two blocks from Daffin Park.
Spanning over 11 acres, Aventon Victory will offer one, two, and three-bedroom apartment homes outfitted with Aventon’s signature modern finishes and surrounded by first-class amenities. Inside, future tenants can look forward to a hospitality-inspired clubroom with an entertainment bar, billiards and shuffleboard, fireplace, remote working lounge, and state-of-the-art fitness center. Outside, the resort-style pool with outdoor lounge and festival lawn will be centered by a champion live oak tree for which Savannah is well-known for. The pet-friendly community will also feature a pet spa and on-site dog park. Aventon Victory is within walking distance to high-quality retailers such as Whole Foods, and is just minutes from the expansive Daffin Park, home of the Savannah Bananas.
“Aventon Victory marks our third project in the state of Georgia and second in the Savannah market which continues to rapidly expand in terms of population and job growth, major contributors to its flourishing economy,” said Ron Perera, Senior Managing Director. “With Aventon Victory, we are thrilled to offer residents the opportunity to fully immerse themselves in this exciting and historic city at a reasonable price point.”
Aventon Victory’s buildings were designed by Watts Leaf Architects, with interior design curated by Alpharetta-based Studio 5 Interiors, Inc. Landscaping and hardscaping have been designed by Thomas & Hutton. The community is located at 2840 Wicklow Street, Savannah, GA 31404 and is expected to start leasing in early 2024. Since 2019, Aventon Companies has assembled an impressive $2 billion portfolio of ground-up developments bringing over 9,000 Aventon-branded apartment homes to Florida, Georgia, the Carolinas, and the Mid-Atlantic.

Powered by WPeMatico

ALBUQUERQUE, NM – Titan Development, Alliance Residential, RS21, and the City of Albuquerque announced a large-scale public mural on the eastern side of Broadstone Nob Hill, a multifamily property developed by Titan and Alliance at 4101 Central Avenue Northeast in Albuquerque’s East Nob Hill neighborhood. Based on a concept by Titan Development, the muralist Todd Hebenstreit has worked alongside Resilient Solutions 21 (“RS21”), a data science company that also specializes in design and visualization, to produce the city’s first augmented reality mural inspired by the historic Route 66 highway.
“We are thrilled that Titan’s Broadstone Nob Hill property will be the site of this future landmark mural in the heart of the historic Route 66 in East Nob Hill,” said Josh Rogers, Senior Vice President at Titan. “The original concept of the mural was to bring back some of the iconic feeling of the cars and neon signage that made Route 66 so unique, combined with state-of-the-art 3D and an augmented reality feature. We worked with the City of Albuquerque, the talented local muralist, and the fantastic team at Resilient Solutions 21 to rekindle the Route 66 tale for visitors and residents.”
“The City of Albuquerque’s Public Art Board has enthusiastically supported our community’s most cutting-edge public art opportunities and collaborations. This dynamic Route 66-themed mural that comes to life with augmented reality features is the first of its kind for our city and we’re excited to support more artists and technology partnerships to enliven our public spaces and corridors in the coming year,” said Sherri Brueggemann, Public Art Division Manager.
The mural is a combination of a painted 2D mural and an augmented reality (AR) 3D component. The 2D, 35 by 35-foot, 1,225 square-foot mural draws inspiration from the iconic Route 66, the two-lane highway connecting Chicago to Los Angeles whose landscape was once bustling with the sounds of V8 engines and illuminated by vibrant neon signs, symbols that continue to influence the artistic scene and heritage of Albuquerque, but in a neighborhood that may have lost this connection to its historic culture. Alongside elements that recognize the area’s Hispanic roots, Hebenstreit is making a mural that vibrantly celebrates the city’s shared culture.
Superimposed 3D imagery viewable through a cell phone, tablet, or other electronic mobile device will bring the mural experience to life through Instagram and SnapChat. Vintage cars and neon signs will extend from the building in real time and headlights will “glow” at night, but without visibly disturbing nearby residents. Both an attractive and unique addition to East Nob Hill, Titan is supporting the mural as part of a continued effort to revitalize the neighborhood and promote walkability and safety, which public art has been shown to accomplish. With the 2D mural already underway, the 3D superimposed imagery is targeted to be completed in December 2022.
“We are delighted to be working alongside Titan, the City and Todd Hebenstreit to bring this iconic mural to life,” said Annemarie Henton, RS21 Director of State & Local Services. “It has been wonderful working with people who like Albuquerque as much as we do and who are committed to cultivating our community. We are excited for pedestrians to experience the sights and sounds of Route 66 as the city’s first augmented reality mural jumps off the wall.”
“I’m very honored to have been a part of designing this mural for Titan, Alliance, and the city of Albuquerque,” said Todd Hebenstreit, muralist. “There are many firsts with this mural, from the size and height to the AR component – the list goes on. This is not your average mural, and it has been a such a fascinating project.”

Powered by WPeMatico