Starwood pays $31M for apartment complex near Lake Worth

288-unit property sold for $107K per apartment

TRD MIAMI /
Jan.January 16, 2018 04:30 PM

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.


Related Articles

arrow_forward_ios
Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Rendering of Soleste Twenty2 and Robert Suris

Estate Companies completes 338-unit West Miami project

A rendering of Society Las Olas (Credit: Facebook)

16K apartments to be delivered in South Florida this year: report

Brian Gordon and Gio Midtown

Magellan launches leasing of Midtown Miami apartment tower

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Bella Apartments at 225 179th Drive (Credit: Google Maps)

Investor buys Sunny Isles apartments

John Sasso and 1020 Northeast 7th Avenue (Credit: Google Maps)

Fort Lauderdale apartment portfolio sells for $10M

arrow_forward_ios
Loading...