Starwood Real Estate Income Trust, Inc, a perpetual-life monthly NAV REIT sponsored by private investment firm Starwood Capital Group, has purchased The Griffin, a multifamily property located in downtown Scottsdale, Arizona, for nearly $96.2 million, excluding closing costs.
Built in 2019, The Griffin is a 277-unit midrise multifamily property that is 97 percent leased. The property is located within close proximity to Old Town Scottsdale’s concentration of employment, shopping, art, restaurants, resorts, and nightlife.
In its SEC filing, Starwood REIT said that “the Phoenix Metropolitan Statistical Area has experienced strong demographic and employment trends, which when combined with limited new multifamily supply, has translated to the highest multifamily rent growth nationally, according to CBRE.”
Earlier this month, The DI Wire reported that Starwood REIT purchased a 33-property industrial portfolio and a mixed-use property located in Durham, North Carolina for a combined $430.9 million.
Starwood Real Estate Income Trust Inc. invests in stabilized real estate across the United States and Europe. The REIT broke escrow in December 2018 and raised $615.6 million in investor equity as of the third quarter of 2019. The REIT’s real estate portfolio totals $792 million across 27 properties, and the company had $269.2 million invested in 87 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.