The Real Deal Miami

Starwood pays $19M for senior housing in Palm Beach County

Complex was sold by Tampa affordable housing developer

February 01, 2016 10:30AM
By Sean Stewart-Muniz

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The Windsor Park retirement community in Palm Beach County

The Windsor Park retirement community in Palm Beach County

Just one week after Starwood Capital Group inked an incredible $5.4 billion national acquisition deal, the investment firm is picking up more properties in South Florida.

Its most recent move: the $19.4 million purchase of a senior housing community in unincorporated Palm Beach County.

The community is called Windsor Park. It’s located at 1389 Summit Pines Boulevard just west of the Trump International Golf Club, directly next to a mobile home park.

An affiliate of the Wilson Company, a Tampa-based developer of affordable housing, first built the 240-unit Windsor Park in 1999. The firm had paid $1.74 million in 1998 for the 3 acres where Windsor sits, according to Palm Beach County property records.

Now, Starwood has put down roughly $80,833 per unit for the complex. No financing has yet been recorded for the deal.

According to the community’s website, it’s reserved for ages 62 and up. Residents have access to a community pool and tennis court, plus an exercise trail and butterfly garden.

Units at Windsor range between one-bedroom and three-bedroom configurations, with rents starting at $900 a month.

This isn’t the first deal between the Wilson Company and Starwood. In December, Starwood paid the developer $24 million for the Worthington apartments near Boynton Beach.

Starwood’s multifamily division set the tone for 2016 when it purchased a huge portion of Equity Residential’s apartment portfolio for $5.4 billion. That deal was spread out over 72 properties, a third of which are located in South Florida suburbs.