GREENWICH, CT-CEO Barry Sternlicht’s Starwood Capital Group is purchasing two residential properties in Cary, NC. The sale will net $40.7 million for the Hidden Oaks and Woodbridge properties. Starwood Opportunity Fund VIII funded the purchase with a partnership with Somerset Partners.

The properties at 101 Hidden Oaks Dr. and 100 Appledown Dr. total 788 units which average roughly 900 square feet. From largest to smallest, which are single to three-bedroom units at the Hidden Oaks, range from $595 per month rent to $820 per month, according to

The purchase was made with 10-7ear financing from Freddie Mac at 5.78%. Starwood and Somerset have planned renovations and amenities for the project and were advicsed in the transaction from Brush Island Capital, LLC and CW Capital, which helped arrange the financing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.