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

Affordable housing properties total 740 units

Miami /
Dec.December 30, 2021 05:30 PM

Barry Sternlicht, co-founder and chairperson of Starwood Capital Group (Starwood Capital Group, Palm Beach County)

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.

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.





    Related Articles

    arrow_forward_ios
    Worth Capital’s Charles “Rusty” Holzer and 13501 South Shore Boulevard in Wellington (Getty, Google Maps)
    Wellington real estate investor pays $16M for shopping center in own backyard
    Wellington real estate investor pays $16M for shopping center in own backyard
    Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    LBCW Investments' Clay Hamlin III with 1100 25th Street and 1426 Skees Road (Loopnet, LBCW)
    Industrial play: Alliance HP trades one West Palm complex for another
    Industrial play: Alliance HP trades one West Palm complex for another
    David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    Paul Saunders with 2700 North Ocean Drive (LinkedIn, Redfin)
    Hedge funder Paul Saunders, wife sell Riviera Beach condo
    Hedge funder Paul Saunders, wife sell Riviera Beach condo
    the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami (Google Maps, LinkedIn)
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
    The property at 102 Jungle Road with Ivana Trump and Tomas Maier (Google Maps, Getty, Wikipedia)
    Ivana Trump’s former Palm Beach mansion sells for $73M
    Ivana Trump’s former Palm Beach mansion sells for $73M
    From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
    Yamato Office Center in Boca Raton trades for $46M
    Yamato Office Center in Boca Raton trades for $46M
    arrow_forward_ios

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

    Loading...