SAN ANTONIO, TX - The Milestone Group announced its acquisition of Archer Stone Canyon Apartments, a 228-unit value add multifamily community in San Antonio, Texas. The purchase price was not disclosed.
Located at 21302 Encino Commons in San Antonio, Archer Stone Apartments feature a location that includes canyon views and botanical gardens along with resort-styled amenities, while providing exceptional access to Highway 281 and major employment centers and retail destinations in the Far North Central neighborhood.
Community amenities include a resort-styled pool, 24-hour fitness center, resident clubhouse, and a playground within a controlled access, on-site managed property. The spacious, high-ceilinged units include washers and dryers, gourmet kitchens, detached garages, computer nooks, wood-style flooring, and sunrooms, patios, and balconies in certain units.
"Archer Stone Canyon is well-located, proximate to a number of employment centers and situated within San Antonio's top rated school district," said Milestone Vice President of Acquisitions, Jim Duey. "Residents at Archer Stone Canyon enjoy the largest and most functional family-friendly units. We look forward to implementing capital enhancements to the property's amenities and unit interiors, improving its market position, livability and appeal as a family-friendly community."
Milestone acquired the property through an assumption of the existing Freddie Mac loan. Milestone's focuses on moderate leveraged and fixed interest rate financing, which aligns well with loan assumptions as a compelling financing option.
"By assuming the existing financing, we were able to save the seller from a significant prepayment penalty while offering us a more favorable interest rate than is currently available in the market, benefitting both parties," said Chris Bartlett, Milestone's Chief Operating Officer. "We have acquired nearly $1 billion of assets through loan assumptions in the past two years, demonstrating our ability to ensure a seamless transaction for sellers."