September 19, 2018 Comments Off on CapitaLand Claims Western U.S. MF Portfolio for $835M Views: 3730 California News, Top California

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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