Starwood Real Estate Income Trust

What Starwood Real Estate Income Trust does

Starwood Real Estate Income Trust, Inc. (SREIT) is a non-traded, perpetual life real estate investment trust sponsored and managed by an affiliate of Starwood Capital Group (~$130B AUM, ~7,000 employees, 19 global offices). SREIT was formed in June 2017, launched in December 2018, and as of May 31, 2026 held 598 properties spanning multifamily, industrial, office, affordable housing, extended stay hospitality, self-storage, single-family rental, and real estate loans across the U.S. plus Norway, Denmark, Italy, and Australia, with a total asset value of $22.5 billion, NAV of $8.0 billion, 94% occupancy, and 58% leverage.

The product architecture uses monthly NAV-based share pricing with independent annual property appraisals under a board-approved valuation methodology, and offers four share classes (Class I, D, S, T) with differentiated fee structures to serve distinct distribution channels. SREIT reports distributions on Form 1099-DIV rather than K-1, and structured 2025 distributions as 100% Return of Capital, yielding a 0% effective federal tax rate on distributions and an 8.0% tax-equivalent yield for investors in the top bracket.

SREIT generates revenue through management fees (1.25% of NAV, currently waived to 1.0% pending full restoration of repurchase capacity), stockholder servicing fees (0.25%-0.85% depending on class), upfront selling commissions and dealer manager fees on new subscriptions, and a 12.5% performance participation allocation above a 5% hurdle with a high water mark. Distribution is exclusively indirect via registered broker-dealers and registered investment advisors; there is no direct-to-consumer channel. As of May 2026, Class I inception-to-date annualized return was 5.2% with a 4.7% annualized distribution rate.

Name

Starwood Real Estate Income Trust

Legal name

Starwood Real Estate Income Trust, Inc.

Website

https://starwoodnav.reit

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Starwood Real Estate Income Trust (SREIT) is a non-traded, perpetual life REIT sponsored by Starwood Capital Group that provides individual retail investors and financial advisors access to a diversified, monthly-valued portfolio of 598 institutional-quality real estate assets.

Ownership category

akta.pro rank

Product category

Private Real Estate Investment Trust (Non-Traded REIT)

NAICS

Lessors of Other Real Estate Property (53119), Other Financial Vehicles (525990)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF), Real Estate Credit / Debt Funds (FSANAEAJ)

Keywords

• Non-traded REIT
• Private real estate investment
• Income-producing real estate
• Diversified real estate portfolio
• Alternative real estate income

Headquarters

HQ city

Miami Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others, Supply Chain

Revenue model

1. Management Fees: SREIT earns a management fee of 1.25% of NAV per annum (payable monthly). Starting May 2024, Starwood waived 20% of the management fee, reducing it to 1.0% of NAV, until repurchase limitations are fully restored to 2% of NAV per month and 5% of NAV per quarter.
2. Performance Participation Allocation: The Special Limited Partner receives 12.5% of the Total Return, subject to a 5% hurdle amount and a High Water Mark (loss carryforward). The allocation is accrued monthly and settled annually.
3. Stockholder Servicing Fees: Ongoing annual stockholder servicing fees paid to the dealer manager: 0.25% for Class I shares; 0.85% for Class D/S/T shares (broken down as 0.65% financial advisor + 0.20% dealer manager for Class T). These fees cease when total upfront commissions, dealer manager fees, and stockholder servicing fees exceed 8.75% of gross proceeds.
4. Upfront Selling Commissions and Dealer Manager Fees: Class I: no upfront commissions; Class D: up to 1.5%; Class S: up to 3.5%; Class T: up to 3.0% (all plus 0.50% upfront dealer manager fee across all classes except Class D which also has 0.50%). These are one-time fees collected at subscription.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Starwood Real Estate Income Trust (SREIT) is a non-traded, perpetual life real estate investment trust that pools investor capital to acquire and operate a diversified portfolio of stabilized, income-producing commercial real estate across multifamily, industrial, office, affordable housing, extended stay hospitality, self-storage, single-family rental, and real estate loan assets in the U.S. and select international markets. The trust offers four share classes (Class I, D, S, T) with distinct fee structures, values shares monthly using a board-approved NAV methodology, distributes monthly cash flow primarily characterized as Return of Capital, and provides limited liquidity through a discretionary monthly share repurchase plan.

Product overview

Starwood Real Estate Income Trust (SREIT) is a non-traded, perpetual life REIT structured as a single unified investment product offering four share classes (Class I, D, S, and T) to retail and institutional investors. The REIT primarily invests in stabilized, income-producing real estate including multifamily apartments (both market rate and affordable housing), industrial/logistics properties, office, extended stay hospitality, self-storage, and real estate loans. Investors receive monthly valuations, monthly distributions (tax-advantaged as return of capital), and access to a Distribution Reinvestment Plan. The share classes differ in fee structures but share the same underlying investment portfolio and investment strategy.

Differentiator

Problem solved

Functional benefit

Products and services

• Starwood Real Estate Income Trust (SREIT) - Core Investment Vehicle A non-listed, perpetual life real estate investment trust (REIT) that provides investors access to a diversified portfolio of stabilized, income-producing real estate assets across multifamily, industrial, office, affordable housing, extended stay, self-storage, single-family rental, and real estate loan asset classes. Shares are priced monthly using a NAV methodology and offer limited liquidity through a discretionary share repurchase plan. Designed for retail investors who meet suitability standards.
• Class I Shares Institutional share class designed for fee-based programs, registered investment advisors, and fiduciary/institutional accounts. No upfront selling commissions; 0.50% upfront dealer manager fee; 0.25% ongoing annual stockholder servicing fee. Management fee of 1.25% of NAV per annum. July 2026 transaction price: $19.54.
• Class D Shares Brokerage share class available in brokerage and transaction-based accounts. Up to 1.5% upfront selling commissions; 0.50% upfront dealer manager fee; 0.85% ongoing annual stockholder servicing fee. July 2026 transaction price: $19.30.
• Class S Shares Retail brokerage share class available in brokerage and transaction-based accounts. Up to 3.5% upfront selling commissions; 0.50% upfront dealer manager fee; 0.85% ongoing annual stockholder servicing fee. July 2026 transaction price: $19.72.
• Class T Shares Retail brokerage share class distributed through financial advisors in brokerage accounts. Up to 3.0% upfront selling commissions; 0.50% upfront dealer manager fee; 0.85% ongoing annual stockholder servicing fee (0.65% financial advisor + 0.20% dealer manager). July 2026 transaction price: $19.72.
• Distribution Reinvestment Plan (DRIP) Allows stockholders to automatically reinvest their monthly distributions in additional shares of SREIT, enabling compounding of investment over time at the prevailing transaction price.

Quantifiable outcome

• 5.2% Class I inception-to-date annualized return (December 2018 – May 2026)
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Morningstar Self-Storage Joint VentureminorStrategic or Co-development Partner · 1 December 2021SREIT has a joint venture with Morningstar Self-Storage for a portfolio of self-storage properties. The joint venture will purchase single family rental homes on an ongoing basis, providing SREIT with a source of ongoing investment in the sector.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Public Storage: NYSE-listed self-storage REIT, the largest in the U.S. Provides a listed-market benchmark for SREIT's self-storage exposure (held through the Morningstar Self-Storage Joint Venture), though SREIT operates at significantly smaller scale and within a more diversified portfolio.
• Equity Residential: NYSE-listed multifamily REIT founded by Sam Zell, with high-quality urban and suburban apartment properties. Listed-market comparable for SREIT's multifamily exposure and shares Barry Sternlicht's historical connection to its formation.
• AvalonBay Communities: NYSE-listed multifamily REIT with a portfolio of apartment communities across high-growth U.S. markets. Provides a listed-market benchmark for the multifamily exposure that represents a significant portion of SREIT's portfolio.
• Starwood Property Trust (STWD): NYSE-listed mortgage REIT affiliated with Starwood Capital Group, chaired by Barry Sternlicht. Overlaps significantly with SREIT on CRE lending exposure and provides direct visibility into the Starwood Capital CRE platform that supports SREIT's deal flow.

Direct peers

• Blackstone Real Estate Income Trust (BREIT): Blackstone's flagship non-traded REIT investing in income-producing U.S. real estate with monthly NAV pricing, perpetual structure, and a focus on multifamily, industrial, office, and data centers. BREIT is the largest non-traded REIT and has experienced similar redemption-pressure dynamics since late 2022, making it the closest direct comparable to SREIT.
• KKR Real Estate Finance Trust (KREF): An externally managed mortgage REIT focused on originating and acquiring senior loans secured by commercial real estate, sponsored by KKR. While primarily a debt vehicle, it shares SREIT's CRE focus, monthly dividend cadence, and KKR/alternative-asset-manager sponsorship model.
• CIM Real Estate Finance Trust: Non-traded REIT sponsored by CIM Group focused on net lease commercial real estate and stabilized income-producing assets. Comparable distribution model and investor base to SREIT, with similar redemption mechanics.
• Nuveen Real Estate Income Fund: Nuveen's non-traded interval fund investing in stabilized income-producing real estate, distributed through financial advisors. Comparable in investor base, structure (interval fund vs. non-traded REIT), and core/core+ real estate focus.
• Brookfield Real Estate Income Trust (Brookfield REIT): Brookfield's non-traded perpetual REIT targeting stabilized, income-producing real estate with monthly NAV pricing and a multi-channel distribution model (Class I/S/D/T). Directly comparable in structure, asset focus, and redemption-pressure exposure to SREIT.
• Blackstone Mortgage Trust (BXMT): NYSE-listed mortgage REIT externally managed by Blackstone Real Estate, focusing on senior loans secured by institutional-quality CRE. Comparable in CRE exposure and alternative-asset-manager sponsorship structure, though publicly traded versus SREIT's non-traded structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/starwood-real-estate-income-trust

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Starwood Real Estate Income Trust