Starwood Real Estate Income Trust Acquires Apartment Complex, Declares Distributions
October 31, 2019 | James Sprow | Blue Vault
On October 29, 2019, a subsidiary of Starwood Real Estate Income Trust, Inc. (the “Company”) acquired a fee-simple interest in a multifamily property (the “Thornton Apartments”) for $180.2 million, excluding closing costs. The Thornton Apartments are a high quality, 2018-construction midrise multifamily property totaling 439 units located in Alexandria, Virginia, with easy access to Washington DC’s Central Business District as well as the planned future home of Amazon HQ2 in National Landing, Virginia. The Thornton Apartments were 90% leased as of the acquisition date and are centrally located within close proximity to major employment centers in Northern Virginia with significant concentrations in the cybersecurity, information technology, and defense sectors. Nearby the Thornton Apartments are major transportation nodes including I-495 and US-1 and Metrorail with access to downtown Washington DC, and over 500 retailers and 100 restaurants in Old Town Alexandria. The Thornton Apartments’ surrounding demographics represent an affluent and mature resident profile, coupled with employment growth in the defense and cybersecurity/tech industries.
Distributions for October 31, 2019 Stockholders of Record
On October 31, 2019, the Company declared distributions for each class of its common stock in the amount per share set forth below:
Gross Distribution: $0.1026 per share for all share classes
Net Distributions: Class I $0.1026, Class D $0.0981, Class T $0.0874, Class S $0.0873
The net distributions for each class of common stock (which represents the gross distributions less stockholder servicing fees for the applicable class of common stock) are payable to stockholders of record as of the close of business on October 31, 2019, and will be paid on or about November 5, 2019. These distributions will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan.
The November 1, 2019 transaction prices for the REIT’s common stock were: Class S $21.21, Class T $21.04, Class D $21.10, Class I $21.18. The share prices are equal to the net asset values per share for each share class as of September 30, 2019.
Source: SEC
