Milestone Apartments REIT has entered into an agreement to purchase the Canyon Chase apartment community outside Denver, Colo., for $40.5 million from Milestone Real Estate Investors II LP, an affiliate of the Milestone Group.

“Current demand for well-maintained and affordable apartments in this submarket is demonstrated by the high current and historical occupancy at Canyon Chase,” says Milestone Apartments’ CEO, Robert Landin.

Built in 1986, Canyon Chase is a 358-unit garden-style apartment community located in Westminster, a suburb of Denver. The complex is comprised of one-bedroom and two-bedroom units – 96.6 per cent of which are currently occupied. Amenities include an outside pool, residential clubhouse with a catering kitchen and an executive business centre.

Milestone Apartments currently has a portfolio of 53 multi-family garden-style residential properties, comprised of 17,290 units located in southwestern and southeastern U.S.

The acquisition of Canyon Chase is expected to close by July 31.