Milestone REIT Drops $242M On Apartment Portfolio

By Andrew McIntyre (October 20, 2016, 1:27 PM EDT) -- Milestone Apartments Real Estate Investment Trust has reached an agreement to purchase six multifamily properties — including complexes in Florida and Texas — for $242.2 million, according to an announcement on Wednesday from the Toronto-based REIT.

The portfolio, which includes single properties in Orlando and San Antonio, has a total of 1,460 units.

Milestone said on Wednesday that it is partially funding the acquisition through an offering of 9.49 million shares at C$18.45 a share, an offering that will generate gross proceeds of roughly C$175 million ($132.6 million).

BMO Capital Markets and CIBC Capital Markets are joint underwriters for that offering....

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