SOURCE: ST Residential

ST Residential

August 27, 2010 09:18 ET

ST Residential Launches in Atlanta

Asset Management Company Brings Peace of Mind to Buyers & Brokers at The Atlantic, The Brookwood, Horizon at Wildwood, Luxe, One River Place & Serrano

ATLANTA, GA--(Marketwire - August 27, 2010) -  ST Residential, a world class asset management company consortium led by Greenwich, CT-based Starwood Capital Group (NYSE: STWD) and private-equity firm TPG of Fort Worth, TX, along with WLR LeFrak and Perry Capital, selected Atlanta to kick off a nationwide rollout of its real estate portfolio. ST brings a combination of financial stability with the highest standards of design aesthetic, quality and proven brand building capabilities.

"ST will bring peace of mind to prospective buyers that their purchase will be a sound long-term investment and to real estate brokers who will have the confidence that transactions will successfully close," says CEO Wade Hundley, who leads the company with 20 years of real estate and hospitality experience. 

ST was formed after the Chicago-based Corus Bank failed on September 11, 2009. The Federal Deposit Insurance Corporation (FDIC) was named the receiver and thus the asset owner of numerous residential real estate assets and construction loans. In Atlanta that included six signature condominium communities: The Atlantic, the finest homes in Atlantic Station; The Brookwood, high-end homes in South Buckhead; Luxe, the boutique-style Midtown condominium tower; Serrano, the Sandy Springs community with Atlanta at its doorstep; One River Place, active living on the Chattahoochee River; and Horizon at Wildwood, high rise living in Wildwood. 

The FDIC needed a financially stable, real estate savvy partner to maximize the value of the real estate portfolio by infusing critical financial capital and knowledge, to market and sell the properties to individual home owners. Instead of choosing a third-party company to manage the properties and sell them quickly, the FDIC chose a more thoughtful and, ultimately, profitable solution. 

About ST Residential
ST Residential leads a public-private partnership between the FDIC and a consortium of esteemed private-equity investors that manages Corus Bank N.A.'s nationwide condominium-construction project portfolio. Other members of the consortium include Starwood Capital, TPG, Perry Capital and WLR LeFrak. By managing its portfolio with an unmatched level of detail and tailoring projects to the communities they serve, the company strives to be the standard bearer for luxury condominium projects. For more information, visit www.stresidential.com.

Contact Information

  • For More Information Contact:
    Liz Lapidus Public Relations
    Liz Lapidus/Traci Buch
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