SCOTTSDALE, AZ - Colony Starwood Homes, a leading single-family rental real estate investment trust, announced that it entered into a purchase agreement with Waypoint/GI Venture, LLC pursuant to which it will acquire a portfolio of 3,106 single-family rental homes that the Company currently manages for approximately $815 million.
The GI Portfolio is located entirely within the Company’s existing markets, including Southern California, Northern California, Chicago, Atlanta, Tampa, Phoenix, Miami and Orlando. As of March 31, 2017, the GI Portfolio was 95.8% occupied.
“This transaction represents another important growth milestone for Colony Starwood Homes, continuing our focus on increasing scale, enhancing market density and realizing incremental operational efficiencies across our platform,” said Fred Tuomi, the Company’s Chief Executive Officer. “The GI Portfolio Acquisition presents an attractive opportunity for the Company to efficiently convert a large portfolio of homes from managed to wholly owned assets, all within our current market footprint with concentration in the high growth California market.”
Pursuant to the Purchase Agreement, the GI Portfolio Acquisition is expected to close in the third quarter of 2017, subject to the satisfaction of various closing conditions.
Colony Starwood Homes is one of the largest publicly traded owners and operators of single-family rental homes in the United States. Colony Starwood Homes acquires, renovates, leases, maintains and manages single-family homes in markets that exhibit favorable demographics and long-term economic trends, as well as strengthening demand for rental properties.