FREDERICKSBURG, VA - The Milestone Group announced the acquisition of two Fredericksburg, VA apartment communities, Kensington Crossing with 476 units, and Magnolia Falls with 200 units. The purchase prices were not disclosed.
"These two assets are very well positioned in a highly sought-after submarket near abundant retail and dining options, and their proximate locations allow for meaningful operating efficiencies," said Milestone Vice President of Acquisitions, Jason Wise. "Our plans for the assets include enhancement of all common areas and amenities that will immediately boost the resident experience. Furthermore, Milestone assumed the existing loans on both, allowing for a quick and seamless transaction."
The properties, located in rapidly growing Stafford County, are conveniently located on US-17 near the I-95 interchange. Immediate retail options include Target, Walmart, Giant Food, Lowe's, Starbucks, and Chick-fil-A. A myriad of options located at nearby Central Park, Spotsylvania Town Centre, and Downtown Fredericksburg are all within 15 minutes.
Kensington Crossing has 476 fully-renovated one-, two- and three-bedroom units that feature stainless steel appliances, granite countertops, and faux-wood flooring throughout the units. Residents enjoy amenities including two swimming pools, tennis and sports courts, two fitness centers, a cabana lounge, and covered parking.
Magnolia Falls features 200 fully-renovated one- and two-bedroom units also including stainless appliances, granite countertops, and faux-wood flooring throughout. Residents have access to a swimming pool with sundeck, playground, dog park, sport court, and fitness center.