RICHMOND— At its special meeting of stockholders held on Friday, Jan. 22, locally-based Landmark Apartment Trust‘s shareholders gave their approval to the company’s previously-announced merger with Monument REIT Sub L.P., an entity owned by affiliates of Starwood Capital Group and Milestone Apartments REIT. It is a $1.9-billion all cash deal, excluding the assumption of existing debt. The deal is currently expected to on Jan. 27, at which time Landmark will be taken private – yet another REIT to follow down this path.

Executives at the apartment REIT started contemplating this move in 2015, following a strategic review that included the possibility of an initial public offering, according to earlier comments by CEO Jay Olander. They opted for a sale given the signs of market volatility that were already apparent at that point. A merger, Olander said, would provide for “a more certain liquidity event,” Olander says.

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