TORONTO and DALLAS, Dec. 15, 2016 /CNW/ - Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") recently completed the previously announced acquisition of Casa Mirella, a 276-unit property built in two phases in 2013/2015 and located in Orlando, FL.
Casa Mirella is the final property to close in connection with the REIT's previously announced definitive agreement to acquire a six-property portfolio comprising 1,460 apartment units for a gross purchase price of approximately US$242 million (the "Portfolio Acquisition"). The Portfolio Acquisition was funded from mortgage assumptions, proceeds from the recently completed bought deal equity offering and the REIT's revolving line of credit, as previously disclosed.
December 2016 Distribution
The REIT also announced a cash distribution of US$0.04583 per REIT unit for the month of December 2016, representing US$0.55 per REIT unit on an annualized basis. Payment will be made on January 17, 2017 to unitholders of record as at December 30, 2016.
The REIT is an unincorporated, open-ended real estate investment trust that is governed by the laws of Ontario. The REIT's portfolio consists of 79 multifamily garden-style residential properties, comprising 24,281 apartment units that are located in 16 major metropolitan markets throughout the Southeast and Southwest United States. The REIT is the largest real estate investment trust listed on the TSX focused solely on the United States multifamily sector. Milestone's vertically integrated platform employs more than 1,200 employees and manages more than 50,000 apartment units across the United States. For more information, please visit www.milestonereit.com.
SOURCE Milestone Apartments REIT
For further information: Robert Debs, Investor Relations, Milestone Apartments REIT, Tel: 214.561.1215; Bruce Wigle, Investor Relations, Bay Street Communications, Tel: 647.496.7856