Multifamily REIT Gets Approval For Starwood's $1.9B Buyout, Privatization
Landmark Apartment Trust’s shareholders signed off on the REIT’s $1.9B merger with Monument REIT Sub, a trust owned by Starwood Capital (CEO Barry Sternlicht pictured) and Milestone Apartments REIT.
Landmark will go private after the all cash deal, the latest in a trend of REIT privatizations, giving Starwood 19,615 units across 63 apartment complexes. Milestone will take 4,172 units across 15 properties, GlobeSt reports.
Starwood Capital VP Ethan Bing sees opportunity in Landmark’s portfolio, as it holds property in each of the country’s top five markets for multifamily absorption.
Landmark execs explored an IPO before opting for privatization to shelter shareholders from the current market turmoil. The deal is expected to close Jan. 27. [GS]
