Multifamily REIT Landmark Apartment Trust withdraws $375 million IPO after $1.9 billion acquisition

Landmark Apartment Trust, which owns and manages 24,000 apartment units primarily in the South and Southeast US, withdrew its plans for an initial public offering on Wednesday. It originally filed in May 2015 with a proposed deal size of $375 million.

Landmark was acquired for $1.9 billion, including the assumption of existing debt, by Monument Partners, an entity owned by Starwood Capital Group and Milestone Apartments REIT, in an all-cash transaction. 

Primary shareholders include Elco Ltd., OPSEU Pension Trust, iStar Financial and The Blackstone Group.

The Tampa, FL-based company was founded in 2005 and booked $267 million in sales for the 12 months ended March 31, 2015. It had planned to list on the NYSE under the symbol LAT. BofA Merrill Lynch and Citi were set to be the joint bookrunners on the deal.