Milestone Apartments Real Estate Investment Trust (TSX:MST.UN) is pleased to announce the closing of the previously announced public offering whereby the REIT sold an aggregate of 10,439,000 trust units of the REIT at a price of C$18.45 per Unit, on a bought deal basis, for gross proceeds of approximately C$192.6 million. The Offering was co-led by BMO Capital Markets and CIBC Capital Markets, with BMO Capital Markets acting as the sole bookrunner. The REIT currently has 80,478,063 Units and 11,116,687 Class B limited partnership units outstanding, compared to 70,039,063 Units and 11,116,687 Class B Units prior to the Offering.

The REIT intends to use the proceeds from the Offering to fund a portion of the previously announced acquisition of a six garden-style multifamily property portfolio comprising 1,460 unit (the "Portfolio Acquisition"). The Portfolio Acquisition, which is subject to customary closing conditions, is expected to close by no later than December 1, 2016. For more information on the Portfolio Acquisition, please refer to the REIT's news release issued on October 19, 2016.

About Milestone

The REIT is an unincorporated, open-ended real estate investment trust that is governed by the laws of Ontario. The REIT's portfolio consists of 73 multifamily garden-style residential properties, comprising 22,821 apartment units that are located in 14 major metropolitan markets throughout the Southeast and Southwest United States. The REIT is the largest real estate investment trust listed on the TSX focused solely on the United States multifamily sector. Milestone's vertically integrated platform employs more than 1,200 employees and manages more than 50,000 apartment units across the United States. For more information, please visit www.milestonereit.com.