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Colony Starwood Taps Single-Family Rental Portfolio From Waypoint/GI Venture For $815M


Waypoint/GI Ventures agreed to sell a portfolio of 3,106 single-family rental properties to Colony Starwood Homes in a $815M deal.

Colony Starwood CEO Fred Tuomi said the deal further consolidates the industry as his company continues to scale operations across its entire platform, CoStar reports. The portfolio contains homes throughout California, Florida, Chicago, Atlanta and Phoenix. The portfolio was 95.8% occupied prior to the sale, with each unit averaging rents of $1.7K/month, as of March 31.

GI Partners made one of the first major institutional investments in the single-family rental sector when it invested in Waypoint Real Estate Group in 2011, and in recent months the sector has been booming. In April single-family REITs saw a 44.6% 12-month return, by far the strongest performance of any segment of today’s REIT market. 

Colony Starwood will finance the purchase by selling some of its common stock. The deal is subject to closing conditions, but is expected to close in Q3 of this year.