Starwood pays $31M for apartment complex near Lake Worth

288-unit property sold for $107K per apartment

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
Turnberry Associates' Jackie Soffer and LeFrak's Richard LeFrak with Rendering of the Villa Laguna (Turnberry Associates, Getty Images, SoLe Mia Rentals)
LeFrak, Soffer kick off leasing at SoLé Mia rental
LeFrak, Soffer kick off leasing at SoLé Mia rental
Related Group's Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Related’s Jorge Pérez and Jon Paul Pérez with 1785 Northeast Fourth Street (Related Group, Google Maps)
Related pays $48M for affordable senior housing complex in Boynton Beach
Related pays $48M for affordable senior housing complex in Boynton Beach
Lions Group's Albert Shirian, Fortis Design + Build's Andrew Lenahan and David Polinsky with renderings of the M Tower apartment project (LinkedIn, Fortis Design + Build, Nichols Architects)
Lions, Fortis Design propose 57-story apartment tower in downtown Miami
Lions, Fortis Design propose 57-story apartment tower in downtown Miami
Rendering of the Resia Old Cutler workforce apartment complex in south Miami-Dade County with Resia’s CEO and President Ernesto Lopes (LinkedIn, Resia, illustration by The Real Deal with Getty)
Resia scores $60M construction loan for workforce housing complex near Cutler Bay
Resia scores $60M construction loan for workforce housing complex near Cutler Bay
Habitat Group's Santiago Vanegas with 39 Northwest Seventh Avenue in Little Havana (Habitat Group, Google Maps)
Habitat Group sells Little Havana apartments to LA investors for $15M
Habitat Group sells Little Havana apartments to LA investors for $15M
Douglas Elliman CEO Jay Parker with a rendering of Clara Bay Harbor and Chetrit Group’s project in the Miami River district (right) (Clara Homes, Douglas Elliman)
Elliman’s new development rental arm expands into South Florida
Elliman’s new development rental arm expands into South Florida
From left: Fisher Brothers' Arnold and Kenneth Fisher with The Wynhouse
“Forced and contrived”: Fisher Brothers’ Wynwood rental project strikes out with Miami board
“Forced and contrived”: Fisher Brothers’ Wynwood rental project strikes out with Miami board
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...