Milestone Apartment REIT has announced the acquisition of a property in Denver . Average rents are $1,200 per month and is currently 97% occupied. The most appetising part of this deal is Milestone will assume a US$23.6 million mortgage, at an interest rate of 3.00% and fully amortized on a 35 year schedule maturing in October 2047. Wow, interest rates are low! The financing terms will decrease the REIT’s weighted average interest rate and extend the maturity of its mortgage note obligations.
