By Meghan Hall
San Diego-based Strata Equity Group has sold off its Puget Sound multifamily portfolio, closing on a $329.703 million deal. In five separate transactions, Strata sold the Fulton’s Crossing, Cascadia Point, Mirabella, Nickel Creek and Saratoga apartment complexes. The buyer, according to public records, was Starwood Property Trust.
In the first deal to record, Starwood paid $68.8 million for Nickel Creek, located at 3702 204th St. SW in Lynnwood. According to Strata’s website, the asset has 192 units.
In a second deal, Starwood paid $40 million for Mirabella, a 117-unit complex at 905 112th St. SE in Everett.
The firm also paid $38 million, or $314,049 per unit for Cascadia Point, located at 8710 Fifth Ave. W in Everett, and $35.1 million for Saragota. The latter is located at 11812 E Gibson Road and totals 107 units.
In the largest deal, Strata also sold Fulton’s Crossing, a 504-unit complex at 120 SE Everett Mall Way. Public documents show that the property traded for $148.603 million, or about $294,847 per unit. Strata originally acquired the asset in 2015 for $74 million.
The properties’ former owner, Strata, was first established in 1983, and the sales represent 100 percent of the company’s Washington portfolio, according to information on its website. The firm describes itself as “boutique in nature,” and typically targets properties with a value-add proposition. Stata has $2.5 billion in acquisitions since 2015 and has investment properties in 14 different states.
Starwood is no stranger to commercial real estate; the company has deployed more than $63 billion in capital since its founding and has a portfolio of more than $17 billion across the company’s commercial and residential lending, infrastructure lending, and property business segments. Ini 2009, Starwood went public in the third-largest REIT IPO in U.S. history and became one of the largest blind pool companies listed on the New York Stock Exchange.
As of this writing, neither Starwood nor Strata have returned The Registry’s requests for comment.