Starwood sells $835M multifamily portfolio to CapitaLand

National /
Sep.September 20, 2018 12:00 PM
Starwood Capital Group CEO Barry Sternlicht, CapitaLand Limited CEO Lee Chee Koon, and Marquessa Villas in Corona, CA

CapitaLand has touched down in the United States multifamily market in a big way, courtesy of Starwood Capital.

The Singapore-based investment firm acquired an $835 million portfolio of 16 properties across the U.S. from Miami Beach-based Starwood. The portfolio includes 3,787 residential units at a price of around $220,000 per unit.

CapitaLand announced the deal Thursday but did not disclose the seller. Records show the properties are owned by entities tied to Starwood. Starwood could not be reached for comment.

The portfolio includes three properties in the Los Angeles area that total 1,144 units. The other 13 properties are spread across three other cities: Seattle, Denver and Portland, Oregon.

CapitaLand has plans to renovate or otherwise improve the properties and said it intended to grow the portfolio. The company said it could spin off some of the assets into investment vehicles or partnerships, according to a release that accompanied the announcement.

The purchase is a big move for Capitaland’s president and CEO, Lee Chee Koon. The 43-year-old is on his fourth day at the helm of the $93 billion firm. CapitaLand’s holdings include five real estate investment trusts listed in Singapore.

Its core markets are its own island-nation and China. But the company also owns four hotels in New York City. Those include the Sheraton Tribeca at 350 Canal Street and the DoubleTree by Hilton Hotel New York at 431 W. 36th Street. Capitaland also owns one hotel in California, in Sunnyvale.


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Federal Reserve officials expect back rent across California will total nearly $1.7 billion

California renters will owe $1.7B in back rent by year end: report

California renters will owe $1.7B in back rent by year end: report
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Jamie Lee and the development site (Credit: Google Maps)

Jamison files plans for mixed-use complex in Koreatown

Jamison files plans for mixed-use complex in Koreatown
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
City Attorney Mike Feuer, and Dan Yukelson

SoCal landlords file court injunction to end LA’s eviction ban

SoCal landlords file court injunction to end LA’s eviction ban
AvalonBay Communities CEO Timothy J. Naughton, TA Realty Managing Partner James O. Buckingham, and Avalon Venice

TA Realty pays $65M for luxury Venice apartment complex

TA Realty pays $65M for luxury Venice apartment complex
Ken Kahan and  Ari Kahan of California Landmark Group and the site (Credit: Glenn Koenig/Los Angeles Times via Getty Images, and Google Maps)

California Landmark moves on 112-unit development outside Culver City

California Landmark moves on 112-unit development outside Culver City
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...