Dallas – Through a $1 billion acquisition of half of Olympus Real Estate Partners’ multifamily portfolio, Milestone Management achieved a coveted spot on the National Multi Housing Council’s list of the top apartment owners and developers with a rank of No. 46. Milestone Management is a subsidiary of the three-year-old private investment firm The Milestone Group.

The Olympus portfolio comprises 75 properties formerly owned by Walden Residential Properties.

They total more than 21,000 apartments in states including Texas, Georgia, Florida, Arizona and Tennessee.

“This is solid Class B real estate,” said Jeff Goldberg, a partner at The Milestone Group. “What sets [the properties] apart is the location. They’re in recovering or strong markets. Most are located close to major thoroughfares, schools and shopping neighborhoods.”

Milestone will invest an additional $60 million over the next three years to upgrade and renovate the properties, said Steve Lamberti, president and chief operating officer for Milestone Management.

One of the keys to Milestone’s growth is its investment leverage. A partnership with Dubai Investment Group, a global investment company, helped make the $1 billion acquisition possible.

Milestone now also has a $1 billion pipeline of multifamily transactions. For example, it is completing the construction of luxury loft condominiums along the waterfront of Long Island City, N.Y. The project, the 47-unit The Gantry, was 80% pre-sold at press time.

“It’s the first condo in Long Island, an area that’s up-and-coming,” said Robert Landin, a partner for The Milestone Group. The city was rezoned for residential and mixed-use development last year.

Goldberg and Landin are putting a lot of value on the tenure of Lamberti, who brings 25 years of real estate experience to the company.

Lamberti has generated a significant amount of capital flow. He has formed partnerships with lenders and investors such as Green Park Financial, Fannie Mae, Eurohypo of New York, Holliday Fenoglio Fowler, Five-Star Financial and JP Morgan.

“Our relationships are widespread depending on size and type, securitization and life insurance,” he said.