Apartment offers continue to flow in the Sunbelt area

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The Southeast is experiencing substantial growth in population, employment and income that is expected to exceed the US average by 2 times over the next five years, making it a prime location for apartment investors.

The offers are linked.

Starwood Real Estate Income Trust announced this week that it has acquired a multi-family housing portfolio of 15,460 units located in 62 communities from Strata Equity Group, a private property investment and management company based in San Diego. Terms of the transaction were not disclosed.

The acquired portfolio is located in 27 markets in 10 states, primarily in the southeastern region of the United States, including Georgia, Tennessee and North Carolina.

These markets offer lower taxes and lower cost of living than the national average, and continue to benefit from migratory trends to the Sun Belt and other growing markets. The units in the portfolio offer affordable prices with high quality equipment. Strata will retain an asset management role for the acquired portfolio.

This is one of the many significant transactions of the past few days. Greystar has just sold a multi-family fund for $ 3.6 billion and Morgan Properties has acquired two portfolios.

More recently still, Kip Sowden, CEO of RREAF Holdings, announced the acquisition of its TransCoastal 21 multi-family portfolio, which comprises 21 different multi-family properties consisting of more than 4,000 units located in Mississippi, Alabama, Florida, Texas, Arkansas, Louisiana, Georgia and the North. Caroline.

RREAF’s affordable housing portfolio increases

The closing of the TransCoastal 21 portfolio marks a key milestone for RREAF as it has expanded its affordable housing portfolio to over 50 communities with over 14,000 units in the Sun Belt area.

“The RREAF team is looking forward to modernizing these properties in line with their investment strategy which has proven to be very successful,” Sowden told GlobeSt. “According to the National Multifamily Housing Council, the multifamily commercial real estate sector continues to demonstrate resilience and perform well.”

RREAF Holdings continues to be active in this sector with more than 7,400 units acquired since the start of the pandemic, including the Sunbelt 12 portfolio that it closed last December.

For Starwood Real Estate Income Trust, his agreement means that as of September 30, the SREIT portfolio has a total asset value of $ 12.6 billion spread across 246 properties.

“Portfolio recapitalizations are a key part of our investment strategy for SREIT and this transaction is another example of our ability to provide an attractive structure that meets the objectives of large owners looking for liquidity,” said Ethan Bing , chief executive of Starwood Capital, in a statement. Remarks.


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