Starwood Capital Group has closed on the purchase of Equity Residential’s 23,000-unit residential portfolio for nearly $5.4 billion. The deal sees consists of 72 properties made up of mostly low- and mid-rise rental buildings in the suburban markets of Denver, Seattle, Washington, D.C., south Florida and southern California. Starwood has agreed to pay $5.365 billion, or just over $230,600 per unit for the portfolio. The two sides first announced the transaction was on the way this past October.
