Starwood Asset Management, led by Barry Sternlicht, has acquired two affordable housing complexes in Miami-Dade County from the Gatehouse Group. The transaction totalled $63.8 million, according to property records.
The larger of the two deals involved the acquisition of the Magnolia Landing Apartments in the Naranja district, near the southern end of the county, for $34 million. This complex, built in 2011, comprises 150 residential units and spans 4.8 acres. The property consists of 20 three-storey buildings and is located at 25881 Southwest 143rd Court, west of South Dixie Highway. The sales price per unit here is approximately $226,660. Financing was provided by a $23.8 million Freddie Mac loan from CBRE Capital Partners.
In Miami's Little River neighbourhood, Starwood acquired the Lafayette Square complex for $29.75 million. This property, with 160 residential units, is a 19-storey building on a 1.2-acre plot. It is located just one block west of Northeast Second Avenue, at 150 Northeast 79th Street. The price per apartment here amounts to approximately $185,900.
The Gatehouse Group appears to have retained ownership of the adjacent 136-unit property. The Mansfield, Massachusetts-based firm developed both the Lafayette Square and Magnolia Landing Apartments. Lafayette Square was completed in 2008, and Magnolia Landing Apartments in 2011.
Representatives for Starwood and the Gatehouse Group have not yet responded to requests for comment. These acquisitions underscore Starwood's continued commitment to affordable housing and its strategic investments in key markets such as Miami.
