Starwood Capital Buys Three Triangle Apartment Communities for $72M
- May 26, 2015
by Adriana Pop, Associate Editor
After closing on its 10th opportunistic real estate fund in March, Starwood Capital Group has acquired three multifamily properties in Raleigh and Durham that offer a total of 942 apartments.
According to the Triangle Business Journal, Middleburg Capital of Fairfax, Va. sold the properties in early May for a combined $72 million, or $76,433 per unit. The company had owned the assets since 2008, when it purchased them for $65 million.
The portfolio comprises the following properties:
- Mission Capital Crossing, a 356-unit community at 4722 Dansey Drive in northeast Raleigh. The property dates back to 1985 and offers a variety of amenities, including a 24-hour fitness center, basketball court, club house, on-site maintenance and swimming pool;
- Mission Triangle Point, a 224-unit community at 600 Discovery Way in east Durham, near Brier Creek. This property was built in 1998 and offers a 24-hour fitness center, swimming pool, kids park, laundry facilities, business center, club house and on-site maintenance;
- Mission University Pines, a 362-unit community at 614 Snow Crest Trail in west Durham (pictured). It was built in 1991 and features two swimming pools, a fitness center, kids park, laundry facilities, business center, club house, coffee bar, BBQ grill area, tennis court and on-site management.
The transaction marks the second major acquisition for Starwood Capital Group in the Triangle since the closing of its $5.6 billion Fund X, the firm’s largest fund to date. At the beginning of April, Starwood acted as a joint venture partner next to Trinity Capital Advisors of Charlotte and Vanderbilt Partners in the $1.1 billion acquisition of Duke Realty Corp.’s portfolio of suburban office properties in Raleigh, Nashville, St. Louis and South Florida.
When it was launched, Starwood Global Opportunity Fund X had already closed or was committed to approximately $6 billion worth of transactions representing an equity commitment of more than $2 billion equally split between U.S. and European investments.
Photo credits: www.missionuniversitypinesapts.com