IE Business Daily Business news for the Inland Empire.
Three Inland Empire apartment properties with a combined 1,144 units will be sold.
The properties, which were not specifically identified, were part of a $5.3 billion transaction between Equity Residential and Starwood Capital Group, according to a statement released Monday.
Equity Residential, a private investment firm based in Greenwich, Conn., agreed to sell 72 apartment developments throughout the country to Chicago-based Starwood Capital, a publicly traded real estate investment trust.
Besides the developments in the Riverside-San Bernardino-Ontario market, the apartment properties are located in Florida, Colorado, Washington, and Washington, D.C.
More than 23,200 apartment units changed hands between the two companies, at an average of $230,634 per unit, according to the statement.
The sale is expected to close during the first quarter of next year. Officials with Equity Residential did not return a call seeking comment.
Starwood Capital was founded in 1991. The company has 11 offices worldwide and currently manages more than $44 billion in assets, according to the company’s website.
