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Milestone Apartments acquiring Dallas multifamily property for $34M

Milestone ApartmentsReal Estate Investment Trust agreed to purchase Advenir at Mission Ranch,a 295-unit multifamily apartment community in East Dallas, for $34.0 million.

The company said in an earnings release that the purchase representsan estimated year one cap rate of 6.67%.

The property includes one-, two- and three-bedroom units andis approximately 96% occupied, with average monthly rents of approximately $1,050.

Milestone expects the transaction to close by July 31, subjectto customary closing conditions.