Starwood REIT Acquires Decatur, GA Multifamily Community
August 28, 2020 | James Sprow | Blue Vault
Starwood Real Estate Income Trust Inc. bought The Baxter Decatur, a 290-unit multifamily community in Decatur, Ga., for $82 million from an unnamed seller, REBusiness Online reported August 25.
The 89% leased property at 1605 Church St. consists of one-, two- and three-bedroom floor plans, according to the report.
It also features 20,000 square feet of ground-floor retail space leased to Jason’s Deli and Club Pilates, among other tenants.
As of June 30, 2020, the Company owned 96 investments in real estate and 71 positions in real estate-related securities. The properties as of June 30, 2020 consisted of 37 Multifamily, 14 Office, 33 Industrial, 9 Hotel, and 3 Medical Office.
In June 2020, the REIT acquired a fee-simple interest in a multifamily portfolio for $102.0 million, excluding closing costs. The Highlands Portfolio is comprised of three separate multifamily communities located in Columbus, OH with a total of 599 units. The Highlands Portfolio had an occupancy of 81% as of the acquisition date.
Subsequent to June 30, 2020, the REIT closed on a three-property affordable housing portfolio located in Jacksonville and Orlando, Florida. The purchase price was $107.3 million and comprised of 904 apartment units that were 97% occupied at closing.
As of August 13, 2020, the Company had received net proceeds of $1.6 billion from selling an aggregate of 74,814,007 shares of common stock.
Sources: S&P Global Market Intelligence, Blue Vault, SEC
