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The Milestone Group has closed on the purchase of two vintage multifamily communities in Fredericksburg, Va., totaling 676 units. Kensington Crossing and Magnolia Falls were previously owned by Covenant Capital Group, Yardi Matrix data shows.

With the acquisition, Milestone is taking on the previous owners’ existing loans for the properties. These include $74.2 and $25.6 million in Fannie Mae DUS financing, both originated by Prudential Financial, according to the same source. All the loans will mature in 2029.