Starwood REIT Buys Multifamily Property Near Washington D.C. for $86.7 Million
Starwood Real Estate Income Trust Inc., a perpetual-life monthly NAV REIT, has purchased Concord Park Apartments in Laurel, Maryland for $86.7 million, excluding closing costs.
Starwood Real Estate Income Trust Inc., a perpetual-life monthly NAV REIT, has purchased Concord Park Apartments in Laurel, Maryland for $86.7 million, excluding closing costs.
Built in 2005, Concord Park Apartments is a 335-unit midrise multifamily property located near Washington, D.C. within close proximity to Fort Meade, government and cybersecurity/tech employment, and two shopping centers totaling 1.9 million square feet of retail. The property is 95 percent leased.
Starwood REIT noted that Concord Park Apartments’ surrounding demographics represent an affluent ($110,000 median income) and young (33 years average) resident profile, coupled with strong government and private employment growth in the defense and cybersecurity/tech industries.
Starwood Real Estate Income Trust Inc., managed by subsidiary of Starwood Capital Group, invests in stabilized, income-producing real estate across the United States and Europe. The REIT broke escrow in December 2018 and raised $249.5 million in investor equity as of the first quarter of 2019. The REIT’s portfolio totals $770 million in total asset value across 26 properties.
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.
