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Starwood Buys Decatur Apartment Project For $82M

One of Barry Sternlicht's investment funds is buying into Decatur's apartment market.

The Baxter Decatur, formerly Solis Decatur, that was recently purchased by a Starwood fund.

Starwood Real Estate Income Trust — a commercial real estate investment fund controlled by Sternlicht's Starwood Property Group — purchased The Baxter Decatur, a 290-unit apartment complex in Decatur, for $82M this month, according to a filing with the Securities and Exchange Commission.

The complex is 8 miles east of Downtown Atlanta and a block north of the Emory Decatur Hospital campus and next door to a new Whole Foods Market. SREIT invests in stabilized, income-producing assets across the U.S. and Europe.

While the seller was not listed, The Baxter was formerly known as Solis Decatur and was developed by Terwilliger Pappas in 2018, according to Decatur property records. Terwilliger Pappas also was the last listed owner, with the county placing a value of $81M on the project.

Terwilliger Pappas and Starwood didn't return requests for comment as of press time.

In its filing, Starwood officials described why The Baxter — 96% leased at the time of purchase — was a target for investment. 

“The property is located in the thriving Decatur submarket and benefits from being in close proximity to the major 'Eds and Meds' employment centers, including the Emory Decatur Hospital, Emory Healthcare, Emory University and the Center for Disease Control, providing high-paying, recession-resistant employment,” Starwood wrote in the filing.

Apartments in Decatur commanded Metro Atlanta's fourth-highest average rents in August, according to Zumper.