Starwood buys 6 North Carolina apartment portfolio – Triangle Business Journal

Starwood Capital Group Management LLC acquired six apartment communities across the Triangle area in North Carolina from PGIM Real Estate affiliates for $565 million, the Triangle Business Journal reported Nov. 16.

The portfolio consists of the 576-unit Arium Lake Johnson at 3201 Walnut Creek Parkway in Raleigh, which was sold for $130 million; the 380-unit Arium Weston at Henrico Lane in Morrisville, which was sold for $101 million; and the 423-unit Arium Lake Lynn at 650 Lake Front Drive in Raleigh, which was sold for $100 million.

The portfolio also includes the 321-unit Arium Kildaire at 2600 Harvest Creek Place at Cary, which fetched $96 million in the sale; the 302-unit Arium Trailwood at 3004 Dorner Circle in Raleigh, which was valued at $74 million; and the 278-unit Arium Southpoint at 5140 Copper Ridge in Durham, which sold for $64 million.

Starwood, which has yet to disclose any plans for the communities, did not answer requests for comment from the news publication.