Starwood REIT Buys Atlanta Multifamily Property for $82 Million
Starwood Real Estate Income Trust, Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has purchased a multifamily property in Atlanta for $82 million, excluding closing costs.
Starwood Real Estate Income Trust, Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has purchased a multifamily property in Atlanta for $82 million, excluding closing costs.
The Baxter Decatur is a 290-unit newly constructed Class A multifamily property located approximately 100 yards from North Decatur Square, an 89,000-square-foot mixed-use development anchored by Whole Foods Market.
Starwood REIT noted that the Atlanta metropolitan area was the fourth fastest growing area in the U.S. between 2010 and 2019, which was triple the pace of the national average.
Additionally, net job creation in the metropolitan area was positive over the past 10 years, growing 2.3 percent in 2019, driven by a friendly tax and business environment.
The property is located in the Decatur submarket and is within close proximity to the area’s major employment centers including the Emory Decatur Hospital, Emory Healthcare, Emory University, and the Center for Disease Control. The property is currently 96 percent leased.
In other company news, Starwood REIT recently updated its monthly net asset values per share for its common stock as of July 31, 2020.
Starwood Real Estate Income Trust Inc., which invests in stabilized real estate across the United States and Europe, broke escrow in December 2018 and raised $1.5 billion in investor equity as of mid-August 2020, as well as $37 million in distribution reinvestment proceeds. As of the second quarter of 2020, the company owned 96 investments in real estate ($3.3 billion) and had 71 positions in real estate-related securities ($264 million). The REIT also had $11.7 million joint venture investments.
