Stewards (SWRD) said Monday it has continued to advance due diligence and discussions over the proposed acquisitions of PIXL at Plantation and Envy Pompano Beach.

The two South Florida multifamily properties with about 330 and 214 units, respectively, have an implied property value of about $240 million, the company said.

"This is an important next step in the execution of our broader Stewards strategy," said CEO Shaun Quin.

"PIXL and Envy would meaningfully expand our Real Assets platform while supporting the diversification and scale we are building across Stewards," Quin added.

Under a non-binding letters of intent, Stewards would acquire the owners' equity interests through the issuance of restricted shares at $3 per share.

Shares were over 9% lower in morning trading.

Price: 2.69, Change: -0.28, Percent Change: -9.29