Starwood Capital expands US affordable housing portfolio

Starwood Capital expands US affordable housing portfolio

Published at: 2019-08-27 15:53 | Author: CIJ USA
Starwood Capital Group purchased of an affordable housing portfolio totaling 4,448 units across 21 communities in Dallas-Fort Worth, Houston and the state of Florida. The price of the deal was not disclosed. Starwood Capital expects economic and population growth over the next five years in theses markets, with most projected to see five-year income growth exceeding 5 percent. The properties are currently 96 percent leased. Amenities include swimming pools, clubhouses, playgrounds, fitness centers and laundry facilities.

“This transaction is an extension of Starwood Capital's successful investments in the affordable multifamily housing sector, and we are pleased to add these residential communities to our growing multifamily portfolio,” said Mark Keatley, managing director at Starwood Capital. “In fact, this acquisition brings Starwood and its affiliates' total ownership of affordable housing properties to nearly 20,700 units, making us one of the top 10 largest owners in the United States.”

Similar Stories:

Fontainebleau gets $460m in refinancing for Turnberry Ocean Club
Fontainebleau Development secured a $460m loan to refinance its Turnberry Ocean Club proje  »
Ironstate secures $69m to refinance affordable housing properties
Ironstate Development secured a $69m loan to refinance four affordable housing properties  »
FCP acquires Somerset Apartments for $18m
FCP paid $18m for Somerset Apartments, a 240-unit residential property in Charlotte, North  »
Starwood Capital buys affordable housing community in Jacksonville
A 224-unit affordable housing community in Jacksonville, Pine Meadows, has been sold for $  »
Hurricane Hermine had the entire state of Florida on the edge of its seat in September. It   »
South Florida’s condo market is readying for a soft landing rather than the crash that m   »
There are approximately 17,000 units in Miami in presale, sold or under construction. Abou   »
The same year Orange County builders pulled 11,000. Fast forward to 2010 and those numbers   »