Starwood Buys Equity Residential Apartments for $5.4 Billion

  • Equity Residential to pay $9 to $11 special dividend
  • Company plans to sell more of its apartments next year

Starwood Capital Group LLC is buying apartments from Equity Residential for $5.4 billion as Barry Sternlicht’s investment fund extends its reach in the U.S. home-rental industry.

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