WASHINGTON, DC—As GlobeSt.com reported on Monday Starwood Capital Group has agreed to acquire about one-quarter of Equity Residential's apartment portfolio. The deal, which is expected to close in the first quarter of 2016, is worth about $5.365-billion, encompassing 23,262 apartment units.
Ten of the apartments, or 3,000 units are located in the Washington DC area. [See list]
All together, the portfolio's assets are located in five states. Besides Washington DC, there are also major concentrations in South Florida, Denver, southern California and Seattle.
The deal represents Starwood Capital's single largest non-hotel purchase, and also represents EQR's largest transaction since 2012, when it divided up the Archstone apartment portfolio with the locally-based AvalonBay Communities. The sale by EQR is widely seen as the REIT's shift from the suburbs to focus on downturn urban areas.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
