The Real Deal Miami

Starwood pays $31M for apartment complex near Lake Worth

288-unit property sold for $107K per apartment
By Amanda Rabines | January 16, 2018 04:30PM

Congress Park Apartments and Starwood’s Barry Sternlicht (Credit: Apartments.com and Wikipedia)

Starwood Property Trust just paid $30.7 million for an apartment complex near Lake Worth, property records show.

Congress Park Limited Partnership, an affiliate of the Orlando-based Banyan Development Group, sold the 288-unit development at 3000 Congress Park Drive for about $107,000 per apartment.

The seller is a joint venture between affordable housing development consulting firm Kiss & Company, Inc. and AGPM, which focuses on property management, according to its website.

Congress Park sits on 20 acres just south of Sixth Avenue South and west of South Congress Avenue. The rental community, built in 1995, features two- and three-bedroom apartments, a lake and a community pool.

The deal is part of the firm’s $600 million acquisition of apartments in Orlando, Lakeland, Lake Worth, Windermere, Melbourne and Palmetto. Earlier this month, Starwood paid $34.35 million for a complex in Homestead. The entire portfolio sale is expected to close by the second quarter of this year.