Milestone Apartments Real Estate Investment Trust in Toronto completed its initial public offer raising gross proceeds of nearly $230 million.
The net proceeds were used by the REIT to indirectly acquire an interest in Milestone Multifamily Investors LP, an affiliated entity of Invesco Ltd. The Partnership indirectly owns and operates a portfolio of 52 multifamily properties in the United States.
Share with Your Followers on Twitter
The property portfolio consists of garden-style residential properties, comprising 16,944 units, located throughout the Southeast and Southwest United States.
Approximately 60% of the units within the Initial Properties (or approximately 61% of forecasted NOI for the twelve-month period ending Dec. 31, 2013) are located in Texas. Within Texas, the properties are majority concentrated in Dallas/Fort Worth, with the remainder in Houston, Austin, and San Antonio.
The REIT’s other properties are located in Arizona, Florida, Georgia, Tennessee and Utah, which collectively account for approximately 40% of the units within the Initial Properties (or approximately 39% of forecasted NOI for the twelve-month period ending Dec. 31, 2013).
Separately, Starlight U.S. Multi-Family Core Fund in Ontario is set to go to market to raise $75 million in an initial public offering.
The fund’s investment objectives are to: acquire, own, and operate a portfolio comprised primarily of recently constructed, Class ‘‘A’’ stabilized, income producing multi-family real estate properties in Texas and the Southeastern United States.
On the completion of the Offering, the fund intends to acquire an aggregate of 740 multifamily residential suites in three properties in Houston and Dallas-Fort Worth.
Keep up weekly on national news, trends and property leads with the Watch List Newsletter,
a weekly pdf that includes other news and leads not found on the CoStar Group web news pages. Sign up for the Watch List E-Mail Alert
. A new issue is published late each Wednesday.