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Starwood REIT Acquires 15,460-Unit Apartment Portfolio in Recapitalization Deal
Starwood Real Estate Income Trust (SREIT) said Wednesday it had acquired a multifamily portfolio of 15,460 units across 62 communities from San Diego-based Strata Equity Group. Deal terms weren’t disclosed.
The portfolio is located in 27 markets across 10 states, primarily in the Southeast including Georgia, Tennessee, and North Carolina. The portfolio’s markets are experiencing population, employment and income growth that is expected to double the national average over the next five years.
James Kane, head of multifamily asset management for Miami-based SREIT parent Starwood Capital Group, said, “We have known and respected the Strata team for many years and are pleased that this relationship led to a mutually beneficial transaction for both companies. We look forward to continuing to work with Strata to help realize the value of this portfolio.”
Added Ethan Bing, managing director at Starwood Capital. “Portfolio recapitalizations are a key component of our investment strategy for SREIT and this transaction is another example of our ability to offer an attractive structure that meets the objectives of large owners seeking liquidity.”
- ◦Sale/Acquisition
