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Starwood Property Trust sells Raleigh, N.C., multifamily complex

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Starwood Property Trust sells Raleigh, N.C., multifamily complex

Starwood Property Trust Inc. sold the Andover at Crabtree multifamily community in Raleigh, N.C., to Magnolia Capital for $48.5 million, the Triangle Business Journal reported.

The property at 6200 Riese Drive includes an 18-acre and a 21-acre tract, and one- and two-bedroom apartment units.

The seller, an affiliate of global private investment firm Starwood Capital Group, bought the asset for $18.6 million in 2015, according to the report.