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Starwood's REIT is the second major nontraded REIT to halt investor withdrawals.
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Starwood might sell most of the houses it bought from Pretium in 2021.
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The shake-up in leadership comes as the second-largest nontraded REIT continues to limit investor withdrawals amid a turbulent real estate market.
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Starwood Real Estate Income Trust lowered its monthly withdrawal cap to 0.33% of net asset value from its previous 2% limit.
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Starwood Real Estate Income Trust and Morningstar Properties announced the formation of a joint venture to own and operate assets in the self-storage sector.
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Nontraded REITs such as BREIT, SREIT and Ares Industrial REIT saw monthly redemption requests shoot up an average of 65% in May.
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Redemption freezes at the two largest nontraded REITs on the market have attracted the SEC's attention, but no formal investigation has started.
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SREIT unloaded $1.6B in real estate between December and May to help deal with a pile of redemption requests.
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As SREIT tightens investor redemption limits, other nontraded REITs managed by investment giants like Blackstone, KKR and Brookfield face issues with liquidity.
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Barry Sternlicht's investment firm says "the issue we are addressing is not the real estate" but a flood of requests to pull capital from SREIT.
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