Starwood snags Homestead apartment complex for $28M

The property last sold for $9.3M in 2013

Miami /
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.


Related Articles

arrow_forward_ios
Rendering of the project with Berkowitz Development President Michael Berkowitz (Edward Silva architect)
Berkowitz makes first industrial play in Homestead
Berkowitz makes first industrial play in Homestead
From left: Coral Rock Development's David Brown and Stephen Blumenthal, Miami-Dade Mayor Daniella Levine Cava, and Aligned Real Estate Holdings' Jose Hevia with with a rendering of the planned industrial complex outside of the UDB
Miami-Dade commissioners override mayor’s vote on industrial megaproject outside UDB
Miami-Dade commissioners override mayor’s vote on industrial megaproject outside UDB
From left: Mayor Levine Cava, Stephen Blumenthal, and Jose Hevia with a rendering of the planned industrial complex outside the Urban Development Boundary (Coral Rock Development, Aligned Real Estate Holdings)
Mayor Levine Cava vetoes industrial megaproject outside UDB
Mayor Levine Cava vetoes industrial megaproject outside UDB
From left: Jose Hevia and Stephen Blumenthal along with a rendering of the planned industrial complex outside the Urban Development Boundary (Coral Rock Development, Aligned Real Estate Holdings)
“Incredible land grab”: Miami-Dade OKs project outside UDB
“Incredible land grab”: Miami-Dade OKs project outside UDB
From left: Coral Rock Development’s Stephen Blumenthal  and Aligned Real Estate Holdings’ Jose Hevia with along with a rendering of the planned industrial complex outside the UDB (Coral Rock, Aligned Real Estate Development)
“Embarrassment” to Miami-Dade: Vote on project outside UDB deferred again
“Embarrassment” to Miami-Dade: Vote on project outside UDB deferred again
From left: Coral Rock Development's Stephen Blumenthal and Aligned Real Estate Holdings' Jose Hevia along with a rendering of the planned industrial complex outside the Urban Development Boundary (Coral Rock Development, Aligned Real Estate Holdings)
Industrial project outside Miami UDB hinges on one vote
Industrial project outside Miami UDB hinges on one vote
Lennar’s Stuart Miller (Lennar, iStock)
Lennar proposes 1,335 homes and revamped golf course in Homestead’s Keys Gate
Lennar proposes 1,335 homes and revamped golf course in Homestead’s Keys Gate
From left: Jose Mallea, Stephen Blumenthal and Jose Hevia along with renderings of the South Dade Logistics and Technology District and Homestead Station (Aligned Real Estate Holdings, Coral Rock Group, iStock)
Land of development opportunity: Builders bet on south Miami-Dade
Land of development opportunity: Builders bet on south Miami-Dade
arrow_forward_ios

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

Loading...