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Milestone Apartments REIT Buys Texas Multifamily Community
September 29, 2015
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Milestone Apartments, the largest REIT listed on the TSX that's focused solely on the US multifamily sector, has finalized its acquisition of Broadstone Vista Ridge, a 372-unit apartment community in the Lewisville submarket of Dallas, for US$45.1M. The property is 95% occupied, and average monthly rents are $1,050.
The Dallas-area deal brings Milestone’s portfolio to 61 multifamily garden-style residential properties (19,908 units) throughout the Southeast and Southwest US. The REIT also announced it has disposed of Villas, a 696-unit apartment community in Phoenix, for US$43.2M.
