Waypoint Rentals Trade to Colony Starwood

A Waypoint rental property in Orlando.

SCOTTSDALE, AZ—Colony Starwood Homes said Tuesday it had upsized an underwritten public offering of its common stock, proceeds of which will help fund its acquisition of a portfolio of single-family rentals from Waypoint/GI Venture LLC. The $815-million deal for 3,106 properties was announced after the close of trading Monday afternoon.

Originally set at 19,933,187 shares, the offering now consists of consisting of 11,600,000 common shares offered by Colony Starwood, a tally that was upsized from the previously announced 8.5 million common shares, and 11,433,187 common shares offered by certain selling shareholders. The company expects to realize gross proceeds of approximately $806.2 million from the sale, and has granted underwriter Bank of America Merrill Lynch a 30-day option to purchase up to an additional 3,454,978 common shares.