The Milestone Group has recently completed the acquisition of two apartment communities in Fredericksburg, Virginia: Kensington Crossing and Magnolia Falls. The purchase prices for these properties have not been disclosed.
According to Jason Wise, Vice President of Acquisitions at Milestone, these assets are strategically located in a highly desirable submarket with easy access to various retail and dining options. Additionally, their close proximity allows for efficient operations. As part of their plans for the properties, Milestone will be enhancing all common areas and amenities to improve the overall resident experience. In addition to this, both properties were acquired with existing loans in place which facilitated a smooth transaction process.
Situated in Stafford County – an area experiencing rapid growth – these complexes are conveniently located near US-17 and the I-95 interchange. Immediate retail options include popular stores such as Target, Walmart , Giant Food , Lowe’s , Starbucks , and Chick-fil-A . Kensington Crossing offers 476 fully-renovated one-, two-,and three-bedroom units while Magnolia Falls features 200 fully-renovated one-and two-bedroom units.
