Affiliates of both The Milestone Group LLC and Milestone Apartments Real Estate Investment Trust in Dallas have acquired four apartment complexes in Orange and Osceola Counties. The $119.9 million package is the largest sale of multifamily units in Central Florida in 2015. The properties are located in Tampa, Orlando and Davenport.
All four complexes were owned by entities controlled by C. David Brown II, the chair of Orlando law firm Broad and Cassel. Brown bought the communities between 1995 and 2013 for $74.4 million. Milestone purchased the assets with a $59.9 million mortgage provided by HSBC Bank. The company was attracted to the properties because it presented its investors with the opportunity to “immediately expand their footprint in the region in a meaningful way,” Shelton Granade, the multifamily executive vice president of CBRE Capital Markets says in a release.
CBRE’s Shelton Granade, Luke Wickham and Justn Basquill exclusively represented the seller in the transaction.
