Exclusive: Greystar, Starwood Trade 639 Units in South Florida

February 25, 2026

Finance & Investment Featured Market Rate Miami More News Southeast

The assets now serve as collateral for $150.8 million in loans.

Greystar has acquired two entities and their ownership stakes in two garden-style multifamily properties totaling 639 units in metro Miami, according to Yardi Matrix data. Starwood Capital Group sold the duo in two separate deals.

The properties are the 324-unit Avana Delray Beach in Delray Beach, Fla., and Avana New River, a 315-unit community in Davie, Fla.

Following the deal, Greystar secured a financing package totaling $150.8 million, the data provider shows. JLL originated a Fannie Mae note of $67.4 million with a 4.8 percent interest rate, having the Davie property as collateral, while MF1 Capital provided an $83.4 million loan for the Delray Beach community.

Starwood acquired both properties from Equity Residential as part of a larger, 65-asset portfolio deal that closed for nearly $5.4 billion in 2016.

Situated at 5600 Atlantic Ave., Avana Delray Beach’s came online in two stages, in 1998 and 2014. Avana New River, located at 3711 W. State Road 84, debuted in 2001. Both properties encompass one- to three-bedroom layouts, with the Delray Beach property’s units averaging 1,006 square feet and the Davie one coming in at 1,213 square feet. Located within some 50 miles of downtown Miami, both communities are relatively close to Interstate 95.

Greystar, while also the largest apartment owner in the U.S., has an overall global footprint of more than 1 million units and beds. The total value of properties owned and managed rises to $300 billion, according to the company.

Among Greystar’s notable 2025 acquisitions is Avana at the Moors, another Greater Miami property. Nuveen sold the 358-unit asset in Hialeah, Fla., for $93.5 million last July.

Multifamily investment takes off in Miami

Nuveen and Greystar are just two of the larger companies to trade multifamily assets across metro Miami as of late. Other high-profile 2025 deals across the market included Blackstone. The private equity giant sold a 476-unit asset in Palm Beach Gardens for $193 million, but also acquired a 359-unit property in Hialeah for $116 million.

In fact, deal volume surged 41.4 percent year-over-year, increasing to nearly $3.5 billion in 2025, according to a Yardi Matrix report.

While investment spiked, other market fundamentals softened as the market continued to absorb the very high level of recent supply. The metrics include advertised average rents (-1.0 percent year-over-year through December) and occupancy (-20 basis points year-over-year as of November).