− REIT Completes US$32.2 Million Property Acquisition in Charlotte, North Carolina −
TORONTO and DALLAS, July 23, 2015 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") will report its second quarter 2015 financial results after market close on Monday, August 10, 2015. Robert Landin, CEO, Steve Lamberti, COO, and Ryan Newberry, CFO, will host a conference call for the investment community the following day, Tuesday, August 11, 2015 at 11:00 a.m. (ET).
The call-in numbers for participants are 416-764-8688 or 888-390-0546. A live webcast of the call will be archived on Milestone's website at www.milestonereit.com/investor-relations/events-presentations.
A replay of the call will be available until Tuesday, August 18, 2015. To access the replay, dial 416-764-8677 or 888-390-0541 (Passcode: 883361).
Charlotte, North Carolina Acquisition Closing & Funding
Milestone announced that it has completed the purchase of Hawthorne at the Trail (the "Property"), a 252-unit, Class A multifamily apartment community located in the Union County submarket of Charlotte, North Carolina, for a purchase price of US$32.2 million. This acquisition was previously announced by the REIT on June 2, 2015.
As Charlotte represents a new market entry for the REIT, this transaction advances Milestone's strategy of continued portfolio expansion and geographic diversification in attractive markets. Population and employment growth in Charlotte are expected to exceed the U.S. average over the next 5 years. Charlotte fits the REIT's target profile as a major U.S. metropolitan market showing favourable demographic and employment trends.
Hawthorne at the Trail was built in 2003 and is currently approximately 95% occupied, with average monthly rents of approximately US$950. The Property's average in-place rents are higher than the REIT's portfolio average in part due to a higher proportion of two and three-bedroom apartment suites. The Property features extensive amenities consistent with Milestone's established portfolio, has convenient access to major transportation corridors and is located within close proximity to large employment centers, including uptown Charlotte.
In connection with the acquisition, Milestone has assumed a US$19.6 million mortgage on the Property at a fixed rate of 3.65%, with an interest only portion through January 2016 and with the loan maturing in January 2023. The balance of the purchase price was funded using the REIT's available cash and revolving line of credit.
Milestone is an unincorporated, open-ended real estate investment trust that is governed by the laws of Ontario. The REIT's portfolio consists of 61 multifamily garden-style residential properties, comprising 20,232 units that are located in 14 major metropolitan markets throughout the Southeast and Southwest United States. Milestone is the largest real estate investment trust listed on the TSX focused solely on the United States multifamily sector. The REIT operates its portfolio through its internal property management company, Milestone Management, LLC, which has more than 900 employees across the United States. Based in Dallas, TX, TMG Partners, L.P., an affiliate of The Milestone Group, LLC, is the external asset manager of the REIT. For more information, please visit www.milestonereit.com.
About The Milestone Group, LLC
The Milestone Group is a privately-held real estate investment management company with expertise and presence in major metropolitan markets throughout the United States. The firm has corporate offices in Dallas, Texas and New York, New York with regional acquisition and management offices across the United States. Founded in 2004, The Milestone Group has a strong track record of investing in the U.S. multifamily sector, including completion of more than US$4.5 billion in multifamily transactions. For more information, please visit www.milestonegp.com.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the REIT's annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update any such statement, whether as a result of new information, future events or otherwise.
SOURCE Milestone Apartments REIT
For further information: Robert Debs, Investor Relations, Milestone Apartments REIT, 214.561.1215; Bruce Wigle, Investor Relations, Bay Street Communications, Tel: 647.496.7856