(SAN ANTONIO)— A Canadian REIT has invaded Texas, taking control of a $502 million, 15-property portfolio in San Antonio.
Milestone Apartments Real Estate Investment Trust entered into a definitive agreement with Starwood Capital Group to acquire Landmark Apartment Trust as part of a $1.9 billion transaction, the San Antonio Business Journal reports.
Part of the Toronto-based group’s acquisition includes properties in North Carolina and Georgia, but two of those properties are in San Antonio, including Hidden Lake, a 380-unit complex at 8910 N Loop 1604 W, and Walker Ranch, a 325-unit complex at 14500 Blanco Rd.
Milestone already features two other San Antonio complexes in their 50,000 unit portfolio, including Country View, at 8727 Fredericksburg Rd., and Costa Del Sol, 16100 Henderson Pass.
The properties are being acquired at an average 6.1 percent cap rate, with the price per unit costing an average $120,000.