Fortress Real Developments

Milestone REIT to acquire Atlanta apartment

Tuesday, March 17, 2015

The Ontario-governed Milestone Apartments Real Estate Investment Trust (Milestone REIT) has agreed to purchase a 236-unit apartment complex in East Atlanta, Georgia. The community, known as the Village at Almand Creek (Almand Creek), will be purchased for $24-million U.S.

“Almand Creek is another off-market acquisition sourced to the REIT through our network of industry relationships,” says Robert Landin, Milestone CEO. “We look forward to increasing our presence in the Atlanta market as we continue expanding and further diversifying the REIT’s portfolio. With over 138,000 jobs added since 2011, Atlanta has one of the fastest growing economies in the country.”

Built in 2002, Almand Creek features two and three-bedroom apartment suites with average monthly rents of approximately $985 U.S. Building amenities include a resort-style swimming pool and sundeck, fitness centre, car wash area, activity centre and billiards room, detached garages, a clubhouse, an executive business centre, tennis courts, a playground and a nature trail.

Subject to customary closing conditions, the acquisition is expected to close on May 1, 2015.

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