Barry Sternlicht Firm Buys Texas Multifamily

CARROLLTON, Texas  – (Realty News Report) – Starwood Capital Group, a Miami-based firm led by investor Barry Sternlicht, has acquired a 690-unit multifamily community in the Dallas area.

Danny BakerNita StewartChandler Sims, and Kevin O’Boyle with CBRE Capital Markets’ Dallas Multifamily team represented the seller, Acre Valley Real Estate Capital.

The project, called Keystone at Castle Hills, is located at 4600 N. Josey Lane in the suburb of Carrollton.

“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.

Sternlicht is chairman and CEO of Starwood Capital, which focused on global real estate, hotel management, oil and gas, and energy infrastructure with offices across the U.S. and in Amsterdam, Hong Kong, London, Luxembourg, Sydney and Tokyo.

Sternlicht is also involved with Invitation Homes, the nation’s largest publicly traded investor and operator of single-family rental houses.

According to CBRE’s 2021 Global Multifamily Investor Intentions Survey, Dallas-Fort Worth is the No. 3 most preferred market in the Americas for multifamily investors, with 26 percent of survey respondents choosing the metro as one of three most attractive markets for 2021 investment. Investors in the survey demonstrated strong interest in Sun Belt markets overall.

Over the years, Starwood Capital’s funds have invested in approximately 200,000 multifamily/condo units, 3,000 hotels, 90 million SF of office properties, 58 million SF of retail and 50,000 lots in residential subdivisions. The Firm currently manages approximately $90 billion of assets on behalf of its high net worth and institutional partners.

Sternlicht has also been heavily involved in hotels and at one time his firm controlled 895 hotels in 100 countries. Earlier in his career, he created W Hotels, perhaps the world’s most successful “boutique” brand, and built St. Regis Hotels from a single hotel to a global brand. In 2008, Mr. Sternlicht founded SH Group, his new hotel management company. SH Group is the owner and manager of Baccarat Hotels & Resorts and 1 Hotels brands.

Aug. 3, 2021 Realty News Report Copyright 2021

Photo courtesy CBRE

For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up  by Ralph Bivins. Available on Amazon  

Houston 2020 Ebook version     

File: Barry Sternlicht Firm Buys Texas Multifamily,

File: Starwood Capital. Barry Sternlicht Firm Buys Texas Apartments. Invitation Homes. W Hotels.

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