MacKenzie Realty Capital Targets Starwood Shares in Discount Tender Offer

The firm also highlights new leasing momentum at Aurora and deepens insider stock ownership.

October 15, 2025

Starwood Shareholders Offered a Faster Exit

MacKenzie Realty Capital is giving Starwood shareholders a faster way out. The company just launched a tender offer to buy up to 150,000 Class S shares of Starwood Real Estate Income Trust at $16.25 per share—a price that’s about 22% below Starwood’s last reported net asset value of $20.76.

Starwood has had limited capacity to meet redemption requests. For shareholders, that’s meant slow exits—just 4% of requested shares were repurchased in each of the last three months. MacKenzie’s offer is designed to provide liquidity now, instead of years down the line.

If fully subscribed, the deal would represent a $2.438 million investment for MacKenzie and its affiliates, with the potential to unlock $3.114 million in value. The firm has taken this route before. In 2024 and early 2025, MacKenzie ran similar tenders for Starwood shares at $17.50 and $15.30. Some of those shares were redeemed in September at the full $20.76 NAV—resulting in realized gains of over 30% in less than a year.

Insider Activity and Portfolio Expansion

While this offer follows the same playbook, MacKenzie is also focusing inward. Its adviser, MacKenzie Real Estate Advisers LP, along with CEO Robert Dixon and affiliated entities, just picked up another 15,000 shares of MacKenzie stock. That pushes their total stake above 7%, based on recent Section 16 filings. It’s a signal of ongoing conviction from the people running the business.

Meanwhile, leasing is picking up at Aurora at Green Valley, MacKenzie’s newest multifamily development. The project is now 36% leased. Aurora adds to a portfolio that includes five multifamily properties, eight office buildings, and a strategy that splits real estate holdings roughly 50/50 between those two property types.

West Coast-Focused Strategy

MacKenzie was founded in 2013 with a focus on West Coast assets. It plans to keep at least 80% of its total assets in direct real estate investments, while reserving up to 20% for illiquid securities. The firm’s recent moves reflect both a tactical eye on discounted opportunities and a steady buildout of its core portfolio.