The Milestone Group (“Milestone”) announces the acquisition of Solaire Apartments, a 252-unit, market-rate community in the Denver suburb of Brighton, Colorado. The purchase price was not disclosed.
“Solaire is in one of the fastest-growing submarkets in the region and is an excellent strategic fit to our growing portfolio, acquired at an estimated discount to replacement cost in excess of 25% and located in a submarket characterized by limited new supply,” said Milestone Vice President of Acquisitions Rich Ritter in a statement. “Milestone assumed the existing agency debt, allowing for a quick transaction without capital markets risk. We will now execute a multi-phase value-add strategy designed to enhance the resident experience and drive both immediate and sustained improvements in property performance.”
Solaire Apartments is sustainably designed and features contemporary one-, two-, and three-bedroom apartments at 1287 S. 8th Avenue in Brighton. The suburban Denver location affords residents easy access to numerous shopping, restaurants, and other amenities while providing easy access to freeways for Denver commuting and an abundance of options for accessing parks and mountain recreation.
Community amenities include a resort-style pool with a lap lane and year-round hot tub and lounge, a Clubroom with a kitchen and business center, a 24-hour fitness center, a dog park, a playground, and inviting native grass areas. The modern residences include faux-wood plank flooring throughout, oversized closets*, private balconies or patios with Trex flooring, exterior storage*, fireplaces*, and washers and dryers in every unit.
* Available in select units
