The Milestone Group (Milestone) has announced its acquisition of Archer Stone Canyon Apartments, a 228-unit value add multifamily community in San Antonio, Texas. The purchase price was not disclosed.
“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 in a statement. “Residents at Archer Stone Canyon enjoy 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 acquired the property through an assumption of the existing Freddie Mac loan. “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 acquired nearly $1 billion of assets through loan assumptions in the past two years, demonstrating our ability to ensure a seamless transaction for sellers.” Milestone’s focuses on moderate leveraged and fixed interest rate financing, which aligns well with loan assumptions as a compelling financing option.
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 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 high-ceilinged units include washers and dryers, gourmet kitchens, detached garages, computer nooks, wood-style flooring, and sunrooms, patios, and balconies in certain units.
