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Starwood Asset Management buys two Miami-Dade affordable housing properties
The purchases total $63.8 million, with Freddie Mac financing backing the larger Magnolia Landing deal.
Commercial Observer reports that Barry Sternlicht’s Starwood Asset Management acquired two affordable housing properties in Miami-Dade County from the Gatehouse Group for a combined $63.8 million, according to property records.
In the largest transaction, Starwood paid $34 million for the 150-unit Magnolia Landing Apartments in the Naranja neighborhood, a 2011-built, 4.8-acre site with 20 three-story buildings. The deal equates to roughly $226,660 per unit, and CBRE Capital Partners provided a $23.8 million Freddie Mac loan.
In Miami’s Little River neighborhood, Starwood bought the 160-unit Lafayette Square complex for $29.75 million, or about $185,900 per apartment. The 19-story building covers a 1.2-acre site, and the Gatehouse Group reportedly kept the adjacent 136-unit property.
Commercial Observer adds that both properties were developed by the Mansfield, Massachusetts-based firm that completed Lafayette Square in 2008 and Magnolia Landing in 2011, and representatives for Starwood and Gatehouse Group did not immediately respond to a request for comment.