Starwood Buys Milestone Management: Report
An agreement is in place for Milestone Management and its more than 24,000 apartment homes to be purchase by Starwood Capital, according to a Jan. 19 report by Costar. Milestone has a workforce of 1,200 U.S. employees.
Milestone owns 78 multifamily properties with 24,061 apartment units located in 16 markets throughout the southeast and southwest US, two regions Starwood has targeted for multifamily investment and where it already owns approximately 67,000 units, Costar reports.
Milestone has a great number of apartment homes in Dallas (19 communities) and Houston (14), as well as six in Atlanta and Charlotte. Additionally, it is in San Antonio (5), Denver (4); Orlando (4); Nashville (4); Jacksonville (3); Tampa (3); Austin (3); Phoenix (2), Salt Lake City (2); Phoenix (2); Colorado Springs (1); Kansas City (1) and Oklahoma City (1).
The reported sale price is $2.85 billion, or $120,000 per unit. The deal is expected to close early in the second quarter of 2017.
Starwood has had significant dealings to acquire apartments in the recent past from Landmark Apartment Trust and Equity Residential.