Barry Sternlicht’s Starwood Capital Group is seeking offers for a portfolio of apartment buildings that together may fetch more than $1 billion, according to people with knowledge of the matter.

The portfolio includes more than 25 so-called Class B apartment buildings in U.S. states such as Texas, Florida, Georgia and Tennessee that are, on average, 24 years old, said one of the people, who asked not to be identified because the matter is private. Starwood and Milestone Apartments Real Estate Investment Trust amassed some of the properties through a takeover of Landmark Apartment Trust Inc. in January 2016. The following year, Starwood took Milestone private, too. It’s possible that the portfolio will include some buildings previously owned by Milestone as well.

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