The Financial Post reports in its Thursday, March 23, edition that Milestone Apartments REIT announced Wednesday it had agreed to a revised offer from Starwood Capital. The Post's Barry Critchley writes that the buyer is offering an extra 10 U.S. cents per unit bringing the offer to $16.25 (U.S.). However, the "cost" of the transaction will not increase because of concessions Starwood has extracted from Milestone insiders. The price hike was enough to convince four institutional shareholders to vote for the transaction. The shareholders 1832 Asset Management, Connor, Clark & Lunn Investment Management, Manulife Asset Management and Vestcor Investment Management -- own about 16 per cent of Milestone. In the past, some of these institutions were among the transaction's strongest critics. Based on what analysts are saying, the support from the four institutional shareholders may be enough to get the transaction over the line. After noting the "small victories" in the new offer, RBC's Neil Downey expects the additional 16 per cent institutional support "will be sufficient to add momentum to the total number of unitholders who will put their support behind the Starwood offer."