Starwood Real Estate Income Trust Acquires Multifamily Property in North Carolina
October 22, 2019
On October 21, 2019, a subsidiary of Starwood Real Estate Income Trust, Inc. acquired the fee-simple interest in a multifamily property located in Charlotte, North Carolina for $109.6 million, excluding closing costs. The Cascades Apartments are a high-quality, garden style multifamily property totaling 570 newly-renovated units built in two phases – 2009 and 2012. The Cascades Apartments are 96% occupied and are centrally located within close proximity to (i) major employment centers such as Uptown, University City, and Charlotte Douglas International Airport, (ii) transportation networks including I-77 and I-485, and (iii) significant neighborhood retail and recreational amenities.
As of October 15, the Company had issued and sold 33,322,888 shares of common stock (consisting of 20,750,022 Class S shares, 1,145,573 Class T shares, 1,268,897 Class D shares, and 10,158,396 Class I shares) in the offering. The REIT intends to continue selling shares in the Offering on a monthly basis.
The November 1, 2019, transaction prices for the common shares are $21.21, $21.04, $21.10 and $21.18 for Class S, Class T, Class D, and Class I shares, respectively. The November 1, 2019 transaction price for each of the share classes is equal to such class’s NAV per share as of September 30, 2019. The purchase price of common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees.
Source: SEC
