Milestone REIT to acquire Orlando apartment

Tuesday, February 3, 2015

Heritage on Millenia (Heritage), a 303-unit multi-family apartment community in Orlando, Florida, will soon be acquired by the Ontario-governed Milestone Apartments Real Estate Investment Trust (Milestone). Heritage will be purchased for $40.0-million U.S. and is expected to be fully acquired by March 31.

“Orlando is one of the leading employment markets in the United States, having added the fourth most jobs in the nation since 2009,” says Robert Landin, CEO of Milestone. “This is another off-market acquisition for Milestone, representative of our reputation and strong presence in the marketplace. We have an opportunity to drive additional value creation through a unit upgrade program at Heritage further enhancing the property’s value.”

Built in 2006, Heritage is a Class A property with convenient access to major transportation routes and large employment centres including Walt Disney World. The property features several amenities, such as a controlled access gate, resident business centre, picnic area, 24-hour state-of-the-art fitness centre, resort-style pool and spa, private movie theatre, clubhouse, and outdoor children’s playground.

In addition to the announcement of this impending acquisition, Milestone also reported the recent sale of two multi-family properties, Shannon Chase Apartments and Villas at Indian Trail, in Atlanta, Georgia.

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