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Milestone Apartments REIT has entered into an agreement with Starwood Capital Group to acquire, by way of merger, Landmark Apartment Trust for $8.17 per Landmark share in cash, representing a total enterprise value of approximately $1.9 billion. The acquisition is expected to close in early 2016. Kirkland & Ellis LLP advised Starwood Capital Group and Milestone Apartments REIT in connection with the agreement’s execution. Milestone announced the acquisition of 100 percent interest in 15 high-quality, garden- style properties totaling 4 ,172 units from Landmark Apartment Trust for a gross purchase price of $502 million. The properties average 10 years in age. This acquisition is in line with the REIT’s growth strategy to enhance its portfolio and improve its operating margins and cash-flow position. Starwood will acquire Landmark’s interest in 63 properties, to be managed by the REIT. Milestone also announced its Board of Trustees has approved an approximate 11 percent incr...

Los Angeles real estate investor TruAmerica Multifamily has continued its metro Denver buying spree with two new apartment acquisitions. TruAmerica, in a partnership with Allstate Life Insurance Co., recently bought the 710- unit Berkshires at Lowry complex in southeast Denver and the 404- unit Ponderosa Villas . The acquisitions were part of a $229 million deal that also included an apartment complex in Renton, Wash. The seller was an affiliate of Boston- based Berkshire Property Advisors . “Attractive existing and projected economic fundamentals in Seattle and Denver provide an excellent value- add investment opportunity for this Berkshire portfolio ,” TruAmerica chief executive Robert E. Hart said in a statement. TruAmerica made its first appearance in Denver in April with the $55 million purchase of the 564- unit Tamarac Village Apartments . In its first year of operations, TruAmerica has acquired 10 properties totaling more than $550 million. Dan Woodward, David Potarf an...

LOS ANGELES, CA - JRK Property Holdings has acquired Clover Creek , a 504- unit apartment community in suburban Chicago in a transaction brokered by HFF.Built in 1986, Clover Creek is located in Lombard, IL, a premier suburban Chicago submarket in the heart of DuPage County, 30 minutes west of downtown Chicago.   Clover Creek also benefits from its proximity to the Illinois Technology and Research Corridor (ITRC), one of the principal economic centers in suburban Chicago and the home to the headquarters of seven Fortune 1,000 companies.   Clover Creek is located 10 miles west of the ITRC along I-88.  Clover Creek offers a variety of one-, two- and three- bedroom floor plans in seven, four-story and two, two-story buildings on a low-density 34-acre site.   Common area amenities include a swimming pool, playground, soccer field, volleyball court, bark park, and clubhouse with Internet café, fitness center and business center.  With approximately 60% of units still in origina...