Starwood Acquires 3,000 DC Apartment Units as Part of $5.4B EQR Deal
Starwood Capital Group has agreed to a huge deal with Equity Residential that will see Starwood acquire about 25% of Equity’s apartment portfolio.
The $5.4B deal includes 23,200 apartment units spread across five states; 3,000 are in the DC area, GlobeSt reports. The largest properties in the DC portion of the portfolio are the 544-unit Canterbury in Germantown and the 491-unit Westchester Pavilion at Waldorf. Other DC properties include Oak Mill in Germantown, which includes 400 units in two buildings, and Governors Green, a 478-unit property in Bowie.
The deal represents the single largest non-hotel purchase for Starwood, which is one of the largest real estate private equity funds in the US. Equity’s sale is seen as part of the REIT’s shift in focus from the suburbs to urban areas. All but one of the properties Starwood acquired are outside the Beltway. [GS]