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Starwood Purchases 788 Units for $41M

GREENWICH, CT-The two residential properties in Cary, NC are known as the Woodbridge and Hidden Oaks.

By Ryan Clark | Updated on March 22, 2010

GREENWICH, CT-CEO Barry Sternlicht’s Starwood Capital Group is purchasing two residential properties in Cary, NC. The sale will net $40.7 million for the Hidden Oaks and Woodbridge properties. Starwood Opportunity Fund VIII funded the purchase with a partnership with Somerset Partners.

The properties at 101 Hidden Oaks Dr. and 100 Appledown Dr. total 788 units which average roughly 900 square feet. From largest to smallest, which are single to three-bedroom units at the Hidden Oaks, range from $595 per month rent to $820 per month, according to apartmentguide.com.

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