CARROLLTON, Texas – (Realty News Report) – Starwood Capital Group, the Miami-based investment firm led by Barry Sternlicht, has acquired Keystone at Castle Hills, a 690-unit multifamily community in the Dallas area.
The property is located at 4600 N. Josey Lane in the Carrollton suburb. CBRE Capital Markets’ Dallas Multifamily team represented the seller, Acre Valley Real Estate Capital. The CBRE team included Danny Baker, Nita Stewart, Chandler Sims and Kevin O’Boyle.
“We are on track for a record year in 2021, as we continue to see more out-of-state investors establishing or expanding a presence in the Dallas-Fort Worth multifamily market, especially the North and Northwest Dallas suburbs,” said Danny Baker, Executive Vice President at CBRE.
Starwood Capital Group, chaired and led by Barry Sternlicht, is a global real estate investment firm with diversified holdings that have included real estate, hotel management, oil and gas, and energy infrastructure. The firm operates from offices across the United States and in Amsterdam, Hong Kong, London, Luxembourg, Sydney and Tokyo.
In addition to Starwood Capital, Sternlicht has played a central role in other major residential and hospitality ventures. He helped build Invitation Homes, the nation’s largest publicly traded owner and operator of single-family rental homes. Earlier in his career he launched and expanded prominent hotel brands, including W Hotels and St. Regis. In 2008 he founded SH Group, which owns and operates brands such as Baccarat Hotels & Resorts and 1 Hotels.
Starwood Capital’s investment track record spans hundreds of thousands of residential units and thousands of hospitality and commercial assets. Over the years the firm’s funds have invested in roughly 200,000 multifamily and condominium units, about 3,000 hotels, some 90 million square feet of office space, 58 million square feet of retail properties and about 50,000 residential subdivision lots. The firm currently manages approximately $90 billion in assets for high-net-worth and institutional partners.
Market interest in Dallas-Fort Worth remains strong. According to CBRE’s 2021 Global Multifamily Investor Intentions Survey, the Dallas-Fort Worth metro ranked as the No. 3 preferred market in the Americas for multifamily investors: 26 percent of survey respondents named the metro as one of their three most attractive markets for 2021. The survey highlighted robust investor appetite for Sun Belt markets overall.
This transaction reflects continued investor focus on the region’s North and Northwest suburbs and underscores broader demand for multifamily assets in fast-growing metropolitan markets.
Aug. 3, 2021 Realty News Report Copyright 2021
Photo courtesy CBRE
For more on Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
File: Barry Sternlicht Firm Buys Texas Multifamily
File: Starwood Capital. Barry Sternlicht Firm Buys Texas Apartments. Invitation Homes. W Hotels.