Milestone Group Buys Palm Beach County Rental for $46M

Milestone Group purchased a multifamily property in Lake Worth, Fla., for $46.4 million, property records show.

Called Casa Brera at Toscana Isles, the 12-acre community includes 206 apartments across seven buildings at 4725 Via Bari, adjacent to Hypoluxo Road. The transaction comes to about $225,000 per unit.

The New Jersey-based seller, Raia Capital Management, purchased the 256,459-square-foot asset for $44.4 million in 2018, five years after it was completed, according to property records. 

Milestone Group, which has offices in Boca Raton, Fla., Dallas and Atlanta, assumed Raia’s Fannie Mae mortgage, which has $27.9 million outstanding and a 3.9 percent interest rate. The firm also secured an additional $7.7 million loan from Wells Fargo that’s scheduled to mature in May 2030.

“Casa Brera was acquired at roughly a 20 percent discount to replacement cost in the supply-constrained Lake Worth submarket of South Florida,” David Giles, the vice president of acquisitions at Milestone, said in a statement. “By assuming the existing financing, we were able to close quickly while offering surety of execution to the seller.”

Milestone plans on modernizing the exteriors and amenities, which include a pool, private movie theater, fitness center, dog park and multipurpose sport court. 

Representatives for Raia did not immediately respond to requests for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.