Starwood snaps up Palm Beach County apartment complexes for $176M

Affiliates of Starwood Capital Group paid $176.4 million for a group of affordable housing complexes in Palm Beach County.

Companies led by David Page of Southport Financial Services sold the properties at 8215 Belvedere Road in West Palm Beach, 301 and 303 North Congress Avenue in West Palm Beach, as well as 101 Pine Circuit in Greenacres, records show. Sreit Colony Park LLC, Sreit San Marco Villas LLC, and Sreit Chelsea Commons LLC purchased the complexes.

The deals break down to about $238,000 per unit.

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Starwood Property Trust, a real estate investment trust, is an affiliate of Starwood Capital Group and both are led by chairman Barry Sternlicht. The companies are based in Miami Beach. It’s not clear whether Starwood Property Trust is the true buyer of the Palm Beach County properties.

Colony Park Apartments, on Belvedere Road, has 130 units. San Marcos Villas, on Congress Avenue, has 400 apartments. And the Greenacres property, called Chelsea Commons, has 210 units, according to property records.

Sternlicht has touted the strength of Starwood Property Trust’s affordable housing portfolio in Florida. During the company’s most recent earnings call in November, he said that large offshore investors, whom he declined to name, purchased a 20.6 percent stake in its Woodstar affordable housing portfolio at a valuation that exceeded Starwood’s cost by $1.1 billion.

South Florida’s residential market, including multifamily, has been white hot, with rents rising rapidly due to increased demand throughout 2021.