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Sternlicht's Starwood Looks to Unload 3,000 Homes for $1 Billion

The property owner is seeking to sell thousands of rental homes as the US housing market starts to ease.

Homes in Antioch, California, US, on Tuesday, June 14.

Homes in Antioch, California, US, on Tuesday, June 14.

Photographer: David Paul Morris/Bloomberg

Starwood Capital Group is exploring the sale of two portfolios of single-family rental homes, seeking to unload roughly 3,000 properties as the once-frenzied US housing market cools.

Starwood, led by Barry Sternlicht, is working with advisers on the potential sales, each of which is expected to fetch around $500 million, according to people familiar with the effort, who asked not to be named because the matter is private. Many of the properties are in the US South, one of the people said.