An affiliate of Starwood Real Estate Income Trust Inc.'s external adviser paid $100 million, excluding closing costs, to purchase a 1,150-unit Florida multifamily portfolio from an unaffiliated third party.

The affiliate will sell the portfolio, which consists of two properties each in Jacksonville and Naples, to the diversified real estate investment trust, upon close of the escrow period, at the price it paid to acquire the portfolio.

The REIT's board has approved the acquisition of the 98%-leased portfolio.