ST Residential, a manager of properties owned by a public-private partnership between the FDIC and a group of US private real estate investors, is to list 13 multi-family properties in eight states from its portfolio at the National Multi-Family Housing Council's (NMHC) annual meeting in Palm Springs on 22-23 January.
The multi-family portfolio, which carries an estimated value of nearly USD1bn, features properties located in regions of the country currently experiencing strong rental growth.
The properties are located in Atlanta, Chicago, Houston, Las Vegas, Los Angeles, Phoenix, Stamford, CT and Tampa, and will be offered individually in sub-portfolios or as a single portfolio sale.
The listing represents the latest example of ST Residential repositioning the assets it manages on behalf of the public-private partnership. Since acquiring the assets through the acquisition of a portfolio held by the former Corus Bank in October 2009, the partnership has been committed to intelligent stewardship of each property and the portfolio overall. After the completion of construction, and in some cases, nearly complete redesign of landscaping, sales centres and model units, the portfolio's occupancy (on stabilised assets) has now reached 98 per cent.
"The Corus Bank transaction has performed extremely well for the FDIC and our private investor group. The partnership has repaid USD1.3bn of FDIC purchase money notes and has more than USD1.0bn of cash in hand. More than 32 loans were paid off at par and we have sold 60 per cent of the condo inventory we acquired at ever escalating prices," says Barry Sternlicht (pictured), chairman and chief executive of Starwood Capital Group and chairman of ST Residential. "We are very proud of where we have taken this portfolio and look forward to finishing our task with continued excellent performance, including the sale of this portfolio."
ST Residential has hired HFF and Eastdil Secured to manage the sale.