Transactions - JANUARY 19, 2017

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Starwood to buy Milestone Apartments REIT in $2.9b deal

by Andrea Waitrovich

An affiliate of Starwood Capital Group has agreed to buy Milestone Apartments REIT, a Canadian REIT that invested in U.S. apartment properties, for $2.85 billion.

Starwood will acquire all of Milestone’s subsidiaries and assets, including more than 24,000 U.S. apartment units. Starwood agreed to pay Milestone unitholders $16.15 per unit in cash, which works out to approximately $120,000 per apartment unit.

The sale is expected to be completed early in the second quarter.

Milestone focused exclusively on owning and operating U.S. apartment properties. The firm owns 78 multifamily properties with 24,061 apartment units located in 16 markets throughout the southeast and southwest United States, two regions Starwood has targeted for multifamily investment and where it already owns approximately 67,000 units.

Milestone has a high concentration of apartments in Dallas, where it owns 19 apartment properties, and Houston, where it owns 14. It a

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy