Landmark Apartment Trust, Inc., a publicly registered non-traded real estate investment trust, announced that its stockholders approved the acquisition of the company by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust (TSX: MST.UN). The cash transaction is valued at approximately $1.9 billion, including the assumption of existing debt, and is expected to close on January 27, 2016.
Upon the closing of the merger, each outstanding share of common stock of Landmark will be converted into the right to receive $8.17 in cash.
Original investors in Landmark common stock paid $10 per share during the company’s public offerings between 2006 and 2010, when it was known first as NNN Apartment REIT and then Grubb & Ellis Apartment REIT following the reverse merger of NNN Realty Advisors and Grubb & Ellis Company in 2007.
Landmark Apartment Trust is a multifamily real estate investment trust with assets consisting of mid-market, garden-style apartments primarily located in the South and certain Texas markets of the United States. Landmark owns or has an ownership position in approximately 24,000 apartment units and provides management services for an additional 882 units owned by affiliates.
Starwood Capital Group is a private investment firm with a focus on global real estate. Headquartered in Greenwich, Connecticut, the firm maintains 10 offices in four countries around the world, and currently has more than 1,400 employees. Starwood Capital Group has raised approximately $32 billion of equity capital since its inception in 1991, and currently manages over $45 billion in assets.
Milestone is an unincorporated, open-ended real estate investment trust with a portfolio of 61 multifamily garden-style residential properties, comprising 19,908 units that are located in 14 major metropolitan markets throughout the Southeast and Southwest United States. Milestone is the largest real estate investment trust listed on the Toronto Stock Exchange focused solely on the United States multifamily sector.