Ontario-governed Milestone Apartments REIT has completed its purchase of Harbor Creek, a multi-family apartment community in Atlanta, Georgia. The 316-unit property was purchased for $28 million USD.

Built in two phases in 2003 and 2007, Harbor Creek features one-, two- and three-bedroom units with air conditioning, fireplaces and private patios. Community amenities include a gated electronic entrance, laundry facilities, swimming pool, on-site management, fitness centre, tennis court and playground.

Milestone is currently in the process of placing a seven-year fixed-term mortgage of approximately $15.7 million USD on Harbor Creek, at an interest rate of 3.55 per cent. Subject to closing procedures, finalization of financing is expected by May 30, 2014.