Milestone REIT Trading to Starwood Capital

Canyon Ridge in Rockwall, TX is one of 78 garden-style properties trading to Starwood Capital Group.

DALLAS—Milestone Apartments Real Estate Investment Trust, which in 2015 partnered with Starwood Capital Group to acquire Landmark Apartment Trust Inc., now will be acquired itself by Starwood Capital. The apartment REIT is being taken private for $1.3 billion in cash, in a deal with an enterprise value of $2.85 billion including the assumption of debt.

The deal will add 78 multifamily garden-style residential properties, comprising 24,061 apartment units across 16 major metropolitan markets throughout the Southeast and Southwest, to Starwood Capital’s portfolio. The Greenwich, CT-based asset management firm already controls 67,000 units across the Sunbelt.