The Real Deal Miami

Starwood buys more Palm Beach County apartments: $22M

Deal breaks down to more than $85,000 per unit

February 09, 2016 04:30PM
By Sean Stewart-Muniz

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The Waverly apartment complex in Palm Beach County and Starwood CEO Barry Sternlicht

The Waverly apartment complex in Palm Beach County and Starwood CEO Barry Sternlicht

In its third recent deal with Tampa’s Wilson Company, Starwood Capital Group just paid $22.15 million for an apartment complex in Palm Beach County.

The deal covers a 260-unit community called the Waverly at 1386 Summit Pines Boulevard in West Palm Beach. It’s an 11-acre complex made up of mid-rise buildings that were constructed in 2001 by the Wilson Company, according to Palm Beach County records.

Starwood paid about $85,192 per unit for the Waverly — a similar price to the two other communities it’s traded with the Wilson Company.

The investment giant is based in Greenwich, a wealthy enclave in Connecticut. Starwood recently closed a massive $5.4 billion multifamily deal for a major chunk of Equity Residential’s apartment portfolio — much of which was located in Florida.

Within the last three months, Starwood has purchased three apartment communities from the Wilson Company for upwards of $20 million a piece. One of those deals was for a senior housing complex right next to the Waverly.

The Wilson Company is a real estate firm that specializes in building affordable housing in its home market of Florida. Now that this most recent deal has closed, the company’s portfolio in South Florida has been completely emptied by Starwood.

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