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Investment firm Starwood Capital Group will grab U.S. apartment REIT Milestone Apartments for roughly $1.3B in cash, the firm announced Thursday.
A Starwood affiliate will acquire Milestone and its 24,000-plus apartment units for a cash-to-stock deal that, coupled with debt, has an enterprise value of $2.85B, Bloomberg reports. Founded by Barry Sternlicht, Starwood will have about 109,000 apartment units under its belt once the deal goes through, with the majority of its apartments concentrated in markets in the U.S. Sun Belt states.
The deal works out to roughly $120k/apartment unit, and is expected to close during the second quarter of this year. Shares of Milestone, the largest REIT traded on the Toronto Stock Exchange, jumped 9.5% to C$21.52 during midday trading following the announcement. [Bloomberg]
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