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CapitaLand Claims Western U.S. MF Portfolio for $835M

Singapore’s CapitaLand acquired a Western U.S. portfolio of 16 multifamily properties for $835 million from Greenwich, CT-based Starwood Capital. The portfolio comprises 3,787 apartment units, all located in suburban communities of the metropolitan areas of Seattle, Portland, Greater Los Angeles and Denver.

CapitaLand Group’s Lee Chee Koon says, “This latest acquisition in the U.S., the world’s biggest economy, would expand CapitaLand’s global investment portfolio, diversify our business outside of our two core markets of Singapore and China, and allow us to grow new businesses.”

It marks the group’s initial foray into the U.S. multifamily asset class, though it has plans to continue buying assets. The acquisition was made through its wholly-owned international business unit, CapitaLand International.

The portfolio was operating at a more than 90% average occupancy, and CapitaLand plans to spend $50 million to upgrade the properties. The transaction is expected to close next quarter.

Properties include:
Seattle: Heronfield (202 units), CentrePointe Greens (186 units), Timberline Court (126 units), Capital City on the Course (96 units), Village at Union Mills (182 units)

Portland: Miramonte Lodge (231 units), The Bluffs (137 units), Stoneridge at Cornell (233-units)

Denver: Canterra at Fitzsimons (188 units), Silverbrook (165 units), Sienna at Cherry Creek (220 units), Parkfield (476 units), Dartmouth Woods (201 units)

Los Angeles: Ashton (492 units), Deerwood Apartments (316 units) Marquessa Villas California (336 units, pictured)

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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