Dallas firm drops $112M on South Florida apartment community
Length: • 2 mins
Annotated by Nicholas Mills
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Dallas-based the Milestone Group acquired the Axis Delray Beach apartments in South Florida for $111.64 million.
Co-BB Delray Owner LLC, an affiliate of Wellington-based Bainbridge Cos., sold the 488 apartments at 1495 Spring Harbor Drive to MREI Delray Borrower LLC, part of the Milestone Group. Berkley Point Capital, doing business as Newmark, provided a $92.24 million mortgage to the buyer. Property data firm Vizzda confirmed the parties involved in the deal.
The price equated to $228,770 per unit.
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It last traded for $102.5 million in 2017, so the property had a decent gain in value.
Totaling 594,674 square feet, the Axis Delray Beach was built on the 57.1-acre site just off Linton Boulevard in 1990.
"The acquisition of Axis Delray Beach compliments Milestone’s current portfolio, and our team was again able to source an off-market opportunity and executed a creative transaction that met the seller’s timing expectations," stated Milestone VP of Acquisitions Jason Wise. "And while the asset has been institutionally maintained and significant dollars have been spent on unit interior renovations by the seller, we have crafted a very thoughtful and thorough overhaul of the common area amenities, landscaping, and building exteriors that will not only greatly enhance the curb appeal of the asset but will also provide both new and existing residents with a next-level living experience. We expect this multimillion-dollar project to begin immediately.”
Amenities at Axis Delray Beach include two pools, a new clubhouse, two fitness centers and a dog park.
According to Apartments.com, units in Axis at Delray Beach range from 764 to 1,335 square feet and rent from $1,902 to $3,700.
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