{"id":1004120133,"date":"2015-05-26T13:49:25","date_gmt":"2015-05-26T21:49:25","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=349467"},"modified":"2020-04-13T00:19:21","modified_gmt":"2020-04-13T08:19:21","slug":"starwood-capital-buys-three-triangle-apartment-communities-for-72m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/starwood-capital-buys-three-triangle-apartment-communities-for-72m\/","title":{"rendered":"Starwood Capital Buys Three Triangle Apartment Communities for $72M"},"content":{"rendered":"<p><em>by Adriana Pop, Associate Editor <\/em><\/p>\n<div id=\"attachment_349468\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Mission-University-Pines-in-Durham.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-349468\" title=\"Mission University Pines in Durham\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Mission-University-Pines-in-Durham.jpg\" alt=\"\" width=\"300\" height=\"277\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Swimming Pool at Mission University Pines in Durham<\/p>\n<\/div>\n<p>After closing on its 10th opportunistic real estate fund in March, Starwood Capital Group has acquired three multifamily properties in Raleigh and Durham that offer a total of 942 apartments.<\/p>\n<p>According to the <em><a href=\"https:\/\/www.bizjournals.com\/triangle\/blog\/real-estate\/2015\/05\/starwood-capital-group-raleigh-durham-apartments.html\" target=\"_blank\" rel=\"nofollow\">Triangle Business Journal<\/a><\/em>, Middleburg Capital of Fairfax, Va. sold the properties in early May for a combined $72 million, or $76,433 per unit. The company had owned the assets since 2008, when it purchased them for $65 million.<\/p>\n<p>The portfolio comprises the following properties:<\/p>\n<ul>\n<li>Mission Capital Crossing, a 356-unit community at 4722 Dansey Drive in northeast Raleigh. The property dates back to 1985 and offers a variety of amenities, including a 24-hour fitness center, basketball court, club house, on-site maintenance and swimming pool;<\/li>\n<li>Mission Triangle Point, a 224-unit community at 600 Discovery Way in east Durham, near Brier Creek. This property was built in 1998 and offers a 24-hour fitness center, swimming pool, kids park, laundry facilities, business center, club house and on-site maintenance;<\/li>\n<li>Mission University Pines, a 362-unit community at 614 Snow Crest Trail in west Durham (<em>pictured<\/em>). It was built in 1991 and features two swimming pools, a fitness center, kids park, laundry facilities, business center, club house, coffee bar, BBQ grill area, tennis court and on-site management.<\/li>\n<\/ul>\n<p>The transaction marks the second major acquisition for Starwood Capital Group in the Triangle since the closing of its $5.6 billion Fund X, the firm\u2019s largest fund to date. At the beginning of April, Starwood acted as a joint venture partner next to Trinity Capital Advisors of Charlotte and Vanderbilt Partners in the <em><a href=\"https:\/\/www.bizjournals.com\/triangle\/blog\/real-estate\/2015\/04\/duke-relaty-triangle-office-starwood-millions.html\" target=\"_blank\" rel=\"nofollow\">$1.1 billion acquisition of Duke Realty Corp.&#8217;s portfolio<\/a><\/em> of suburban office properties in Raleigh, Nashville, St. Louis and South Florida.<\/p>\n<p><em><a href=\"https:\/\/www.prnewswire.com\/news-releases\/starwood-capital-group-closes-10th-opportunistic-real-estate-fund-at-56b-300047935.html\" target=\"_blank\" rel=\"nofollow\">When it was launched<\/a><\/em>, Starwood Global Opportunity Fund X had already closed or was committed to approximately $6 billion worth of transactions representing an equity commitment of more than $2 billion equally split between U.S. and European investments.<\/p>\n<p><em>Photo credits: www.missionuniversitypinesapts.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After closing on its 10th opportunistic real estate fund in March, Starwood Capital Group has acquired three multifamily properties in Raleigh and Durham that offer a total of 942 apartments.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004120133","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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