Starwood REIT Buys 3,336-Unit Affordable Housing Portfolio

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MIAMI—Starwood Real Estate Income Trust, a non-traded REIT managed by Starwood Capital Group has acquired a stabilized and affordable housing portfolio with 3,336 units across 18 Southeastern communities. With this acquisition, Starwood Capital will own approximately 24,000 affordable housing units across the country, collectively making the Starwood entities a top-five owner of affordable housing units in the United States. Terms of the transaction were not disclosed.

Starwood Capital did not respond to a request by GlobeSt.com for additional comment. The portfolio is 96% occupied and located mostly in Florida and North Carolina. Its garden-style residential units feature such amenities as swimming pools, clubhouses, playgrounds, fitness centers and laundry facilities. The properties have low vacancy rates and offer affordable options for renters, according to Starwood Capital.