Exclusive: Starwood Buys 360 Units in Tampa Area
One of the communities is fully affordable, while the other is age-restricted.
Starwood Capital Group has acquired two metro Tampa, Fla., communities for $47.3 million, according to Yardi Matrix information. The collection comprises the 200-unit, fully affordable Park Springs in Plant City, Fla., and the 160-unit, age-restricted Centro Place Senior Apartments.
CBRE Capital Markets issued two acquisition loans totaling $35.4 million, scheduled to mature in March 2036, the same source shows. The Michaels Organization sold the assets.
The transaction comes quickly after Starwood Capital’s sale of 639 units across two garden-style communities. Greystar acquired the metro Miami assets in two separate deals.
Two Tampa-area communities
Units at the Plant City property are designated for individuals earning up to 60 percent of the area median income under the Tax Credit program. Additionally, 24 apartments are supported through the State Apartment Incentive Loan Program, with 20 of them reserved for formerly homeless individuals.
Completed in 2000 at 300 Park Springs Circle, Park Springs consists of 17 two-story buildings across a 36-acre site. With 100 two-bedroom and 100 three-bedroom layouts, apartments range from 1,028 to 1,140 square feet. Shared amenities include a fitness center, clubhouse, swimming pool, playground, volleyball court and grade-level parking with 400 spots.
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Just off Florida State Route 39, the community is across the road from several retail options, including Walmart Supercenter, ALDI and Publix Super Market, as well as various eateries. Downtown Tampa is 26 miles west.
Centro Place Senior came online in 2005 and has one- and two-bedroom floorplans ranging from 650 to 950 square feet. Common-area amenities include a fitness center, clubhouse, swimming pool and a business center.
Located at 1302 E. 21st Ave., the partially affordable property is close to interstates 4 and 275. Downtown Tampa is about 2 miles away, while the city’s international airport is within 8 miles.
Affordable housing gains traction
The affordable housing market continued to show momentum in 2026. In an effort to align capital with affordability needs in low-income and high-cost markets, recent federal policy enhanced Opportunity Zone and Difficult Development Area incentives, according to a recent national affordable housing report. Currently, OZ and DDA properties account for 5.4 percent of total stock, with 6.4 million units across the U.S., which includes 1.3 million fully affordable residences and roughly 348,000 units that are in various stages of development.
Recent affordable housing trends point to a market in need of emerging tools for impact, as demand for affordable rentals continues to outpace the national supply. Developers increasingly prefer public-private partnership and delivery methods that help regulate costs, such as modular construction. Additionally, preserving existing affordable stock has become another strategy alongside new production.
