Toronto-based Milestone Apartments REIT has purchased the Heritage on Millennia apartment complex for $40 million. The 303-unit, Class A property is located on Millennia Boulevard in southern Orlando. Built in 2006, the complex is 96 percent leased. The REIT entered into a new 10 year, interest-only, fixed-term mortgage of $22.1 million at 3.16 percent, which matures in March of 2025. The remaining balance was funded using the REIT’s available cash and revolving line of credit.
