Starwood Sells Miami-Area Community for $64M

Praedium Group purchased the Class B community in Plantation, Fla., with Berkadia originating a Fannie Mae loan.
Gatehouse on the Green

Starwood Capital Group has sold Gatehouse on the Green, a 312-unit Class B community in Plantation, Fla. The Praedium Group purchased the property for $63.7 million, according to Yardi Matrix data. Berkadia provided a $47.8 million Fannie Mae acquisition loan. The fixed-rate note matures in 2028, has five years of interest-only payments and represents a 65 percent loan-to-value ratio.

The asset previously traded as part of a larger portfolio transaction, in which Equity Residential sold a total of 72 residential assets for $5.4 billion in October 2015. Starwood acquired the 23,262-unit collection of communities, most of which were located in South Florida. The sale closed in the first quarter of 2016.

Located on 21 acres at 150 SW 91st Ave., the community encompasses 12 garden-style buildings completed in 1991. The unit mix has one- to three-bedroom floorplans with sizes between 804 and 1,225 square feet. The amenity package features two swimming pools, a wading pool, two tennis courts, a billiard room and a clubhouse. The property is 29 miles north of downtown Miami.

The Berkadia debt placement team that negotiated on behalf of the borrower included Senior Managing Director Charles Foschini and Managing Director Chris Apone. Elsewhere in Plantation, Prism Multifamily Properties picked up Hamlet Plantation, located at 4401 NW 10th Court, in June of last year.

Starwood’s exit from the Plantation property comers after the private investment giant bought up two affordable housing portfolios totaling 4,618 units in November. The $644.8 million purchase by Starwood Real Estate Income Trust Inc. (SREIT) encompassed 28 communities in the South, including four properties in Jacksonville, Fla.