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February 2, 2016

Starwood pays $209M for King County apartments

The sales of four apartment complexes in King County that were part of a $5.4 billion transaction announced last year have closed, property records show. Equity Residential sold the complexes to Starwood Capital Group.

The complexes in King County have a total of 700 units and sold for $208.9 million, or approximately $298,389 per unit, records show.

The properties are Woodlake Apartments at 11400 N.E. 132nd St. in Kirkland, Reunion at Redmond Ridge at 11315 Trilogy Pkwy. N.E. in Redmond, Heronfield Apartments at 11105 N.E. 123rd Lane in Kirkland and The Martine at 13842 N.E. Eighth St. in Bellevue.

Starwood made a deal to buy a total of 72 properties with 23,262 units from Equity Residential. This included eight Seattle-area complexes with 1,721 units.

It is unclear which other Equity properties were included in the sale or if those transactions have closed.

The deal also included apartments in south Florida, Denver, Washington, D.C., and California's Inland Empire.




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