Starwood REIT Buys Six Multifamily Properties After Breaking Escrow
Starwood Real Estate Income Trust, Inc., a publicly registered non-traded REIT sponsored by global real estate investment manager Starwood Capital Group, has purchased six multifamily properties from an affiliate its advisor, Starwood REIT Advisors.
Starwood Real Estate Income Trust, Inc., a publicly registered non-traded REIT sponsored by global real estate investment manager Starwood Capital Group, has purchased six multifamily properties from an affiliate its advisor, Starwood REIT Advisors, for a total of $182 million.
The REIT purchased the Florida Multifamily Portfolio for approximately $100 million, excluding closing costs. The 1,150-unit portfolio is comprised of two multifamily properties located in Jacksonville, Florida and two properties located in Naples, Florida. The property is 98 percent occupied.
The REIT also purchased a 256-units multifamily property located in Mesa, Arizona, the largest suburb of the Phoenix metropolitan area, for approximately $46 million, excluding closing costs. The final acquisition, a 203-unit newly constructed multifamily property located near downtown Savannah, Georgia, was purchased for $36 million. The two properties are 98 percent and 94 percent occupied, respectively.
In other company news, Starwood REIT recently broke escrow after raising approximately $165 million in proceeds for its continuous public offering. The REIT focuses on acquiring a diversified portfolio of stabilized, income-producing real estate in the United States and Europe, including multifamily, office, hotel, and industrial assets, as well as other property types.
Starwood REIT’s $5 billion offering was declared effective by the SEC in January 2018. In July 2017, Starwood REIT was capitalized with a $200,000 investment by Starwood Real Estate Income Holdings L.P. in exchange for 10,000 Class I shares.
Founded in 1991, Starwood Capital is a private real estate investment firm with a core focus on global real estate, energy infrastructure, and oil and gas. The company has more than $60 billion in assets under management.
