Starwood Capital Group has closed on two US acquisitions—an office tower and a multifamily portfolio—for a total of approximately $490.1 million.
In the first transaction, a joint venture led by Starwood has purchased a 985,315-square-foot trophy office tower in Charlotte for $245 million. Data provider Real Capital Analytics reveals that the Greenwich, Connecticut-based real estate investment firm teamed up with Mountain Lakes, New Jersey-based developer Vision Equities to acquire One Wells Fargo Center at 301 South College Street from Childress Klein Properties. The property currently is 98 percent occupied by tenants that include Wells Fargo and law firm Womble Carlyle.
In addition, Starwood has closed on the acquisition of a portfolio of eight multifamily properties in Florida from Chicago-based Equity Residential for $245.1 million. The portfolio encompasses 2,294 units in Ocoee, Orlando, Oviedo, Winter Park and Altamonte Springs.
Although representatives from Starwood did not disclose if these purchases were made on behalf of a fund, the firm recently closed and currently is investing on behalf of its latest global opportunity vehicle, Starwood Distressed Opportunity Fund IX, which garnered $4.2 billion in equity commitments. The fund’s focus is on buying distressed debt, value-added and income properties, corporate opportunities, select hotels that have been undermanaged and residential land in the US and Europe.