Starwood Strikes $5.4B Deal with Equity Residential
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Sternlicht has been an active multifamily buyer since founding Starwood Capital in 1991.
GREENWICH, CT—Starwood Capital Group said Monday it had agreed to acquire about one-quarter of Equity Residential’s apartment portfolio. Expected to close in the first quarter of 2016, the $5.365-billion deal encompasses 23,262 apartment units in 72 communities across the US.
Comprising a mix of mid-rise and garden-style apartment buildings, the portfolio’s assets are located in five states, with major concentrations in South Florida, Denver, the Washington, DC metro area, Seattle and the Inland Empire. The portfolio is being sold unencumbered by existing debt…
