Milestone Apartments Real Estate Investment Trust has completed the purchase of Legacy Heights, a 384-unit multifamily apartment community located in Denver, Colorado, for USD50.3 million.
This acquisition was previously announced by the REIT on 1 May 2014.
Legacy Heights was built in 1998 and has the potential for a value-add programme relating to unit interior upgrades. The property features extensive amenities and is in close proximity to large employment centres, including downtown Denver and Boulder, Colorado, as well as major transportation corridors.
In connection with the acquisition, Milestone has assumed a USD34.5 million mortgage on the property at a fixed rate of 3.78 per cent, with an interest only portion through 1 August 2016 and with the loan maturing on 1 August 2022.
The balance of the purchase price was funded using proceeds raised from the REIT's recent bought deal equity financing and from the refinancing of its USD228.6 million mortgage debt facility.