Milestone Group, a leading real estate investment firm, has recently acquired the Axis Delray Beach Apartments in Delray Beach, FL. This garden-style multifamily community consists of 488 units and is located at 1495 Spring Harbor Drive. The property was purchased for $111.6 million at an average cost of $229,000 per unit.
Built in 1990 and previously sold for $102.5 million in 2017, this acquisition marks another successful investment by Milestone Group. According to reports from the South Florida Business Journal, Newmark provided a mortgage of $92.24 million to facilitate the purchase.
Jason Wise from Milestone Group stated that they have planned extensive renovations for common areas such as amenities and landscaping as well as building exteriors to improve overall appeal and provide residents with an exceptional living experience. These upgrades are expected to commence immediately with a multi-million dollar budget allocated towards them.
The Axis Delray Beach offers top-notch amenities including two pools, a new clubhouse, two fitness centers along with a dog park on site.
The apartment units range from 764 square feet up to 1
