BTR Daily - February 7, 2025 - Starwood buys 151 single family homes

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NEWS ROUNDUP

ACQUISITION: Starwood buys 151 single family homes. Starwood has expanded its residential portfolio by acquiring 151 single-family homes in the Las Vegas area for approximately $58.2 million. The purchases were completed in October through three separate transactions, averaging about $385,430 per home.

EXPANSION: RKW expands management portfolio. RKW Residential has expanded its portfolio with three new property management assignments in Charlotte, NC, totaling over 450 units. Joya Pavesi, RKW's President of Brand & Strategic Services, stated, "These assignments exemplify our ability to deliver exceptional results for both new and existing partners. We are thrilled to extend our trusted relationships while entering 2025 with momentum in a market where we have a proven track record of success."

FINANCING: Avanta secures $8 million. Avanta Residential has announced the closing of an $8 million preferred equity investment for the development of Boardwalk Village, a BTR community located in Conroe, TX. This investment follows Avanta's previous preferred equity commitment of $10.6 million in October 2024 for the Ridgeline Vista Townhomes in Brighton, CO, highlighting the company's dedication to expanding its BTR portfolio. “This $8 million preferred equity investment is a testament to Avanta’s commitment to growth and excellence in the BTR sector” - Peter Spier, Avanta.

PEOPLE MOVES: NEWSTAR appoints new SVP of development. NEWSTAR has announced the appointment of Brian Harrison as SVP of Development. In this role, Harrison will report directly to the Chief Development Officer and will be responsible for overseeing the company's development projects across various markets. Boone DuPree, CEO at NEWSTAR, expressed great enthusiasm for this appointment.

READ: Single-family rents reach record high, 20% above apartments.

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