February 23, 2020
Starwood Real Estate Income Trust Inc. (SREIT) has acquired an 18-property, 3,336-unit affordable housing portfolio in Florida and North Carolina. The sales price was reported as $461 million.
At the time of sale, the portfolio was 96% occupied. More than 50% of the garden-style portfolio is located in Orlando, Jacksonville, Raleigh and Charlotte. The individual properties in the sale were not disclosed. Amenities at the properties include pools, clubhouses, playgrounds, fitness centers and laundry facilities.
“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.”
The seller was not disclosed.
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