MF REIT Sells to Starwood Capital Partnership
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“Recent market volatility” made a sale more attractive, says Olander.
GREENWICH, CT—In the week’s second REITprivatization, Starwood Capital Group and Milestone Apartments Real Estate Investment Trust said Thursday afternoon they would acquire Landmark Apartment Trust through an entity known as Monument Partners, LLC. The Richmond, VA-based multifamily REIT, with a portfolio across eight Sunbelt states, is being taken private in an all-cash transaction valued at $1.9 billion.
A controlled affiliate of Starwood Global Opportunity Fund will acquire Landmark’s ownership interest in 63 apartment communities totaling 19,615 units. Headquartered in Dallas while listed on the Toronto Stock Exchange, Milestone will take control of 4,172 units across 15 properties, and will serve as property manager for Starwood’s portion of the portfolio. The deal is expected to close in the first quarter of 2016…
