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February 21, 2020 Comments Off on SREIT Acquires 3,300 Affordable Units in Southeast Views: 926 Florida, North Carolina, Southeast

SREIT Acquires 3,300 Affordable Units in Southeast

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Starwood Real Estate Income Trust (SREIT) acquired a stabilized Southeast affordable housing portfolio with 3,336 units across 18 Sun Belt communities. The non-traded REIT, an affiliate of Starwood Capital Group, didn’t disclose the purchase price or seller.

The acquired portfolio is 96% occupied and located predominantly in Florida and North Carolina. SREIT says the portfolio’s largest markets, including Orlando, Jacksonville, Charlotte and Raleigh, are projected to see income growth above the national average.

“This transaction is an extension of SREIT’s successful investments in the Florida affordable multifamily housing sector, and expansion into complementary high-growth Sun Belt markets,” said Mark Keatley, managing director at Starwood Capital. “This was truly a rare opportunity to acquire high-quality, well-located affordable housing assets in scale.”

With this acquisition, controlled affiliates of Starwood Capital own approximately 24,000 affordable housing units nationwide, collectively making the Starwood entities a top-five owner of affordable housing units across the U.S.

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