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Starwood, Equity Close on $5.4B Apartment Deal

GREENWICH, CT—Starwood Capital CEO Barry Sternlicht said this past October that the deal's size underscored "our conviction in multifamily housing's continuing ability to offer superior risk-adjusted returns."

By Paul Bubny | Updated on January 27, 2016

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.

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