Starwood snags Homestead apartment complex for $28M

The property last sold for $9.3M in 2013

Mar.March 16, 2020 02:00 PM
Barry Sternlicht and the Villa Biscayne Apartments (Credit: Highmark Residential/VHT Studios)

Barry Sternlicht and the Villa Biscayne Apartments (Credit: Highmark Residential/VHT Studios)

An affiliate of Starwood Capital Group bought the Villa Biscayne Apartments in Homestead for $28.3 million, reflecting growing demand for multifamily properties in south Miami-Dade County.

A company tied to Michael J. Hornbrook, president of Lakeside Capital, sold the 180-unit complex at 15350 Southwest 284th Street for $157,222 per unit to Starwood, records show.

The complex was built in 1996. It was last purchased for $9.3 million in 2013.

The property is off of South Dixie Highway on 9.2 acres near the Homestead Air Reserve Base in south Miami-Dade County. More people are moving to Homestead as home prices and rents rise in Miami, forcing people to look further away from the city to buy or rent. Large homebuilders like Lennar and D.R. Horton are also pushing into Homestead and the surrounding area, buying hundreds of acres to build new homes.

Lakeside Capital is a Chicago-based real estate investment company focusing on workforce housing.

Starwood Capital Group, headquartered in Miami Beach, is an active investor in South Florida’s multifamily market. In March, the company bought an apartment complex in West Palm Beach from Lakeside Capital Advisors for $13.8 million. In August, it bought Summerlake Apartments, an 84-unit complex in Davie, for $11 million.

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