ST Residential is a manager of properties owned by a public-private partnership between the FDIC and a group of leading U.S. private real estate investors.
The portfolio, which has an estimated value of nearly $1 billion, features properties in Chicago, Atlanta, Tampa, Houston, Las Vegas, Los Angeles, Phoenix, and Stamford, CT. They will be offered for sale individually in sub-portfolios or as a single portfolio sale.
ST Residential has hired HFF and Eastdil Secured to manage the sale.
Since assuming the assets through the acquisition of a portfolio held by the former Corus Bank in October 2009, the partnership has been committed to the stewardship of each property and the portfolio overall. After the completion of construction, and in some cases the nearly complete redesign of landscaping, sales centers and model units, the occupancy (on stabilized assets) has reached 98%.
"The Corus Bank transaction has performed extremely well for the FDIC and our private investor group. The partnership has repaid $1.3 billion of FDIC purchase money notes and has more than $1.0 billion of cash in hand. More than 32 loans were paid off at par and we have sold 60% of the condo inventory we acquired at ever escalating prices," Barry Sternlicht, Chairman & CEO of Starwood Capital Group and Chairman of ST Residential, says in a press release.
"We are very proud of where we have taken this portfolio and look forward to finishing our task with continued excellent performance, including the sale of this portfolio," he adds.
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