December 23, 2020
Dallas-based The Milestone Group acquired two multifamily assets in the Valley of the Sun for a combined total of $85.2 million. The additions include the Pavilions at Arrowhead in Glendale and the Springs at Alta Mesa (pictured).
The Glendale property is a 248-unit apartment complex that was purchased from Denver-based Capital Real Estate for $43.3 million, with $28,210,000 in new debt issued from PGIM Real Estate. The community includes 13 buildings that were built in 1997 on 14.6 acres at 7400 W. Arrowhead Clubhouse Dr. The asset is located within a 4,200-acre master-planned golf course community.
The Mesa asset was also acquired from Capital Real Estate for $41.9 million, with $27,690,000 in new debt from PGIM. The 200-unit apartment complex encompasses 20 buildings that were built in 1999 on 13.47 acres at 1865 N. Higley Rd. The community is located in the heart of Falcon Field Employment Center.
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