Starwood buys apartment portfolio for $565M; Greystar buys apartment complexes

TOP NEWS IN REAL ESTATE

* Affiliates of Prudential Real Estate Investors, or PGIM Real Estate, sold six apartment communities across the Triangle area in North Carolina to Starwood Capital Group Management LLC for $565 million, the Triangle Business Journal reported.

* Greystar Real Estate Partners LLC paid a total of $164.9 million to acquire three apartment complexes in Nashville, Tenn., according to the Nashville Business Journal. The acquisition includes the 210-unit Avana Collins Creek at 1157 Bell Road, Beechwood Terrace Apartments at 1211 Bell Road and the 323-unit Avana South Oaks at 100 Antioch Pike in South Nashville, the report said.

➤ US REITs' overall short interest slightly down during 2nd half of October

The regional mall sector continues to be the most-shorted real estate investment trust property sector as of Oct. 29, although it has had a 7-basis-point decline in short interest since Oct. 15.

➤ US REIT capital offering shrunk over 90% MOM in October

Chart Watch: The majority of the capital acquired in October came through senior debt offerings, at $1.78 billion.

OFFICE

* PGIM Real Estate affiliates PR Westside Plaza I, II and III sold The Westside Plaza office complex in Doral, Fla., for $73 million, the South Florida Business Journal reported, citing a source familiar with the deal. Ascentris LLC, Highline Real Estate Capital and Square2 Capital acquired the three office buildings at 8200, 8300 and 8400 NW 33rd St., with a total of 372,639 square feet, according to the report.

* Brandywine Realty Trust and the Pennsylvania Biotechnology Center said that its life science incubator at the office REIT's Cira Centre office building in Philadelphia has been 50% leased to life science companies. The project known as B.Labs is expected to open in January 2022 as part of the REIT's life science development platform.

RESIDENTIAL

* Ivanhoé Cambridge Inc. purchased the 400-unit Avana Westchase multifamily property in Florida from Greystar Real Estate Partners for $108.8 million, the Tampa Bay Business Journal reported, citing Hillsborough County property records.

* Chicago-based 29th Street Capital paid $82 million to acquire The Shelby, a 240-unit apartment community at 6200 N. Kings Highway in Alexandria, Va., from Passco Cos LLC, the Washington Business Journal reported.

HOTELS

* Hotel REIT DiamondRock Hospitality Co. opened the rebranded and upgraded Margaritaville Beach House Key West hotel in Florida. DiamondRock invested $3.5 million to renovate the 186-room hotel in late 2019.

SPECIALTY

* A joint venture between Hackman Capital Partners LLC and Square Mile Capital Management LLC agreed to buy the CBS Studio Center in Los Angeles for $1.8 billion, The Wall Street Journal reported, citing people familiar with the matter.

INDUSTRIAL

* Canadian self-storage company StorageVault Canada Inc. acquired eight storage properties in Canada from five unnamed vendor groups for a total of C$98.6 million. Three of the transactions were made at arm's length, while the remaining deals totaling C$72 million were related-party acquisitions with Access Self Storage Inc. or its affiliates or associates.

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