GREENWICH, CT—Starwood Capital Group and Equity Residential have closed on a deal for 23,262 apartment units. First announced this past October, the $5.365-billion sale represents about one quarter of EQR's portfolio. In related news, the sale of Landmark Apartment Trust to a partnership of Starwood Capital and Milestone Apartment REIT closed on Wednesday.

Both deals, originally announced within a few days of one another, are part of a massive scaling-up of Starwood Capital's multifamily presence. When Starwood Capital announced the EQR acquisition, the company noted that it had acquired or had agreed to acquire more than 67,800 apartment units over the preceding 12 months, including the EQR portfolio and its share of Landmark's holdings.

"The size of this transaction underscores our conviction in multifamily housing's continuing ability to offer superior risk-adjusted returns," Barry Sternlicht, chairman and CEO of Starwood Capital, said this past October. "The strong underlying demographics for apartments and positive leverage—resulting in robust cash-on-cash yields—make this portfolio a very attractive investment."

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.