TORONTO/DALLAS, July 31, 2013 /CNW/ - Milestone Apartments REIT (TSX: MST.UN) ("Milestone" or the "REIT") today announced that it has completed the purchase of Canyon Chase, a 358-unit garden style multifamily apartment community located in the Westminster submarket of Denver, Colorado, for a purchase price of US$40.5 million. This acquisition was previously announced by the REIT on July 15, 2013.
Canyon Chase was built in 1986 and features extensive amenities, consistent with the REIT's established portfolio. The property benefits from its close proximity to several employment centers, including downtown Denver and Boulder, and major transportation corridors. The Westminster community offers Canyon Chase residents a wide variety of shopping, dining and entertainment venues nearby.
The REIT has placed a 7-year fixed-term mortgage of approximately US$22.3 million at an interest rate of 3.66% on Canyon Chase, with the balance of the purchase price being funded by drawing on the REIT's US$50 million revolving credit facility.
About Milestone Apartments REIT
Milestone Apartments REIT is an unincorporated, open-ended real estate investment trust that is governed under the laws of Ontario. The REIT's portfolio consists of 54 multifamily garden-style residential properties, comprising 17,648 units that are located in 11 major metropolitan markets throughout the Southeast and Southwest United States. Milestone Apartments REIT is the largest REIT listed on the TSX focused solely on the U.S. multifamily sector. The REIT operates its portfolio through its internal property management company, Milestone Management, with more than 900 employees across the U.S. The Milestone Group, based in Dallas, Texas, is the external asset manager of the REIT. For more information, please visit www.milestonereit.com.
About The Milestone Group
The Milestone Group is a privately-held real estate investment management company with approximately US$2.5 billion of assets under management. The firm has corporate offices in Dallas, TX and New York, NY 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 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" and other similar expressions. These statements are based on the REIT's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the REIT's prospectus dated February 27, 2013 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, a forward-looking statement speaks only as of the date on which such statement is made. The REIT undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
SOURCE: Milestone Apartments REIT
For further information:
Robert P. Landin, CEO
Milestone Apartments REIT
Tel: 416.447.4740 x 232