Starwood REIT Buys Charlotte Multifamily Property for $109.6 Million
Starwood Real Estate Income Trust, Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has purchased Cascades at Northlake, a 570-unit multifamily property located in Charlotte, North Carolina.
Starwood Real Estate Income Trust, Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has purchased Cascades at Northlake, a 570-unit multifamily property located in Charlotte, North Carolina for $109.6 million, excluding closing costs.
The three-story property was built in two phases in 2009 and 2012 and is located within close proximity to major employment centers such as Uptown Charlotte, as well as neighborhood retail and recreational amenities. Cascades at Northlake is 96 percent occupied.
Property amenities include two pools with sun decks, fitness center with yoga/spin studio, resident clubhouse, electric vehicle charging stations, free bike rentals, and a bike storage and repair station.
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.
