Starwood Capital buys affordable housing community in Jacksonville

Starwood Capital buys affordable housing community in Jacksonville

Published at: 2019-09-06 16:37 | Author: CIJ USA
A 224-unit affordable housing community in Jacksonville, Pine Meadows, has been sold for $18.6 million. The buyer, Starwood Capital Group, picked up the asset for just over $80,035 per unit. Located adjacent to Beach Boulevard and close to Interstate 295, the property sits on a 14.6 acre plot on Saland Way. The community consists of 11 three-story buildings whose common amenities including a swimming pool, business and fitness center, spa and parking for 400 parking cars. The sale was completed with a $11.8 million Freddie Mac acquisition loan originated by Newmark Knight Frank. The seller, Alden Torch Financial, bought the complex, which was built in 2005, in 2017.

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