Landmark Apartment Trust completes sale to Starwood Capital Group and Milestone Apartments REIT

Landmark Apartment Trust Inc., a Richmond-based multifamily real estate investment trust with assets located in metropolitan areas throughout the Southern United States, said Wednesday that it has been acquired by Monument Partners L.L.C.  in an all-cash transaction valued at about $1.9 billion, including the assumption of existing debt.

As a result of the merger, Monument, an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust, has directly acquired all of the outstanding common stock of Landmark and indirectly acquired all of the outstanding common units of Landmark’s operating partnership, Landmark Apartment Trust Holdings LP, in each case, for $8.17 per share or unit, without interest.

Commenting on the transaction, Jay Olander, CEO of Landmark said, “I would like to thank all of our stakeholders — our investors, our lenders and especially all of our associates-for making our company a success.”

Starwood Capital Group is a private investment firm with a core focus on global real estate. Headquartered in Greenwich, Conn.,  the firm has 10 offices in four countries around the world, and currently has more than 2,000 employees. Starwood Capital Group has raised more than $33 billion of equity capital since its inception in 1991, and currently manages over $45 billion in assets.