The Milestone Group has closed Milestone Real Estate Investors V with capital commitments of $750 million. The fund is expected to ultimately invest in more than $2 billion of multifamily assets.
Fund V is Milestone's 18th investment vehicle and its fifth discretionary fund focused on the US multifamily sector. Both existing and new investors participated in the capital raise, including US and foreign institutional investors, public and private pension funds, endowments, foundations, insurance companies and other financial institutions.
A discretionary investment vehicle, Fund V's strategy is to acquire value-oriented Class A and B multifamily properties across the US, primarily in the Sunbelt and Mid-Atlantic. Fund V has a broad mandate that includes existing assets, underperforming new construction and partnership recapitalizations.
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"With the final closing of Fund V, we are aggressively pursuing direct asset and portfolio acquisitions as well as partnership recapitalizations where we can provide growth capital to implement revitalized business plans," says Chris Bartlett, head of Capital Markets in prepared remarks.
To date, Fund V has committed approximately $120 million of capital in multiple transactions including the acquisitions of The Villages at Decoverly, a 564-unit property in Rockville, MD, Springs at Alta Mesa, a 200-unit property in Mesa, AZ, and Pavilions at Arrowhead, a 248-unit property in Glendale, AZ.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
