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Inland apartments part of major transaction
Inland apartments part of major transaction

Inland apartments part of major transaction

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.

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