TORONTO—Milestone Apartments REIT made its initial public offering on the Toronto Stock Exchange this month, and is working with a portfolio made up of 52 multifamily garden-style residential properties totaling 16,944 units.
Those properties are located in 10 major metropolitan markets in the Southeast and Southwestern United States. The fund has a gross book value in excess of $1.12 billion
Milestone Apartments REIT is now the third largest multifamily REIT listed on the TSX and the largest REIT focused 100% on U.S. assets.
“With the successful launch of the REIT, which will focus primarily on stable, cash flowing assets and our current discretionary investment fund, Milestone Real Estate Investors III, LP, which will continue to focus on our value-add investment program, we have significantly enhanced our access to capital,” said Jeffrey L. Goldberg, managing partner. “This will enable Milestone to actively and aggressively pursue acquisition opportunities to grow and expand both the REIT and the Fund in the upcoming months through accessing both core-plus opportunities as well as more opportunistic value-add situations.
The Milestone Group, based in Dallas, Texas, is the external asset manager of the REIT. For more information, please visit www.milestonereit.com.