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Starwood Real Estate Income buys Durham, NC, property for $111M

Starwood Real Estate Income Trust Inc. bought the Exchange on Erwin mixed-use property in Durham, N.C., in an off-market deal for about $111 million.

An affiliate of Ram Realty Advisors LLC sold the property, which offers 265 multifamily units and 96,949 rentable square feet of commercial space.

At the time of purchase, the multifamily units were 99% occupied, while the commercial space was 95%, leading to an overall occupancy of 98%.