On September 15, the Ontario-governed Milestone Apartments Real Estate Investment Trust (Milestone) announced its agreement to purchase the Villas at Shadow Creek, a 560-unit multifamily apartment in Pearland, Texas. The property, located at 2200 Business Center Drive, will be purchased for $74 million U.S.

“We look forward to adding this property to our existing portfolio of multifamily apartment communities in the greater Houston area,” says Robert Landin, CEO of Milestone. “There is potential to further enhance the value of this asset through the implementation of Milestone’s operating efficiencies and unit enhancement program. Shadow Creek is being acquired through a direct negotiation with the seller. Our strong networks of industry relationships continue to provide us with attractive off-market investment opportunities.”

Currently 95 per cent occupied, the Villas at Shadow Creek include one, two and three-bedroom units. Suites feature nine-foot ceilings, full-size washing and drying machines, energy-efficient appliances, walk-in closets and intrusion alarms. Property amenities include a business centre, billiards room, recreational trails, playground, resort-style pools, poolside grilling areas, poolside cabanas and a games room.

The acquisition is expected to close by October 30, 2014.