Colony Starwood acquires single-family rental home portfolio for $815m

Colony Starwood Homes, a single-family rental REIT, has entered into a purchase agreement with Waypoint/GI Venture in which it will acquire a portfolio of 3,106 single-family rental homes (the GI Portfolio Acquisition) that the company currently manages for approximately $815 million.

The GI Portfolio is located entirely within Colony Starwood’s existing markets, including Southern California, Northern California, Chicago, Atlanta, Tampa, Phoenix, Miami and Orlando. As of March 31, the GI Portfolio was 95.8 percent occupied.

“This transaction represents another important growth milestone for Colony Starwood Homes, continuing our focus on increasing scale, enhancing market density and realizing incremental operational efficiencies across our platform,” said Fred Tuomi, Colony Starwood’s CEO. “The GI Portfolio Acquisition presents an attractive opportunity for the company to efficiently convert a large portfolio of homes from managed to wholly owned assets, all within our current market footprint with concentration in the high-growth California market.”

Pursuant to the purchase agreement, the GI Portfolio Acquisition is expected to close in the third quarter of 2017, subject to the satisfaction of various closing conditions.