Starwood Capital Group has closed on a deal for an 11-asset multifamily portfolio in the Triangle and Charlotte. Terms of the deal were not released, but deed records show at least three of those properties in Raleigh and Cary combined top $100 million.
The international investment firm purchased two north Raleigh complexes and a third in Cary totaling 850 units, for a combined price of $109.1 million.
Like many of the properties in the larger portfolio acquisition, each of the Triangle properties were built in the 1980s.
"The Charlotte and Raleigh markets continue to generate strong housing demand amid substantial growth in population and employment opportunities, and we believe these underlying demographic trends will continue over time,” stated Starwood Managing Director Mark Keatley.
The firm bought the entire 11-property portfolio from American Landmark Apartments. The company declined to comment on the transaction. American Landmark purchased the three Triangle properties in 2016 for nearly $80 million.
Starwood is a global company with 11 offices in five countries and has been active in the Triangle in the past, buying and selling apartment communities and commercial property from Raleigh to Durham.
Details on the Triangle acquisitions
Central on the Green Apartments
200 unitsSold for $26.4 millionBuilt in 19862904 Calvary Drive, Raleigh
Regency Park Apartments
200 unitsSold for $23.5 millionBuilt in 19804612 Dansey Drive, Raleigh
Woodlyn on the Green Apartments
250 unitsSold for $59.2 millionBuilt in 1985100 Kempwood Drive, Cary
Starwood Capital Group has closed on a deal for an 11-asset multifamily portfolio in the Triangle and Charlotte.