Starwood REIT Buys $180 Million Multifamily Property Near Washington DC
Starwood Real Estate Income Trust, Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, purchased The Thornton Apartments, a multifamily property located in Alexandria, Virginia, for $180.2 million, excluding closing costs.
Starwood Real Estate Income Trust, Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, purchased The Thornton Apartments, a multifamily property located in Alexandria, Virginia, for $180.2 million, excluding closing costs.
Built in 2018, The Thornton Apartments is a 439-unit, five-story property located close to Washington DC’s central business district, as well as the future home of Amazon HQ2 in National Landing, Virginia.
Property amenities at the smoke-free community include a pool and clubhouse, concierge, 24-hour gym, game room, bocce court, coffee bar, and dog grooming area, among others.
The property was 90 percent leased at the time of acquisition.
In other news, Starwood REIT recently purchased Cascades at Northlake, a 570-unit multifamily property located in Charlotte, North Carolina for $109.6 million, excluding closing costs.
Starwood Real Estate Income Trust Inc. invests in stabilized, income-producing real estate across the United States and Europe. The REIT broke escrow in December 2018 and raised $383.6 million in investor equity as of the second quarter of 2019. The REIT’s real estate portfolio totals $770 million across 26 properties and the company had $140 million invested in 42 positions in real estate-related securities.
Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure, and oil and gas, and since its inception in 1991, has raised $45 billion of equity capital. The firm currently has in excess of $60 billion of assets under management.
