Starwood Real Estate Income Trust acquires multifamily affordable housing portfolio
Starwood Real Estate Income Trust (SREIT), a nontraded REIT managed by Starwood Capital Group, has acquired a stabilized affordable housing portfolio with 3,336 units located in 18 communities in the Southeast.
Terms of the transaction were not disclosed.
With this acquisition, controlled affiliates of Starwood Capital own approximately 24,000 affordable housing units across the country, collectively making the Starwood entities a top-five owner of affordable housing units in the United States.
The acquired portfolio is 96 percent occupied and located predominantly in Florida and North Carolina. The portfolio’s high-quality garden-style residential units feature top-tier amenities, including swimming pools, clubhouses, playgrounds, fitness centers and laundry facilities. The properties in the portfolio benefit from low vacancy rates and offer affordable options for renters in attractive Sun Belt markets.
These metropolitan areas are projected to experie