Starwood Pays $92M for Affordable Housing Portfolio

The four Florida properties comprise 669 units.

Villas at Cove Crossing

Marcus & Millichap has announced the sale of four affordable housing communities totaling 669 units in Florida, in a combined transaction of $91.8 million. According to Yardi Matrix data, Starwood Capital Group was the buyer.

Evan Kristol, executive managing director of Marcus & Millichap’s Fort Lauderdale, Fla., office, represented the private sellers and the buyer. The properties were subject to Freddie Mac loans originated by CBRE Capital Markets, the same source shows.

The assets, namely The Overlook at Monroe, Villas at Cove Crossing Apartments, St. Luke’s Apartments and Sonrise Villas Apartments were developed through the Low Income Housing Tax Credit program. Kristol said in prepared remarks that the new owner will continue to operate the communities as affordable housing.

Completed between 1994 and 2007, the properties include between 94 and 240 units. Featuring one-, two- and three-bedroom floorplans, all communities offer swimming pools, clubhouses and laundry facilities.

The portfolio comprises:

  • The Overlook at Monroe (184 units), at 100 Willner Circle, Sanford, Fla.
  • Sonrise Villas Apartments (241 units) at 53 Sonrise Place, Fellsmere, Fla.
  • Villas at Cove Crossing Apartments (94 units) at 2730 Lantana Road, Lake Worth, Fla.
  • St. Luke’s Apartments (150 units): 915 Quincy Str., Lakeland, Fla.

Marcus & Millichap recently brokered the $32.2 million sale of two communities totaling 218 units in Decatur, Ga. The company represented the seller in the transaction and procured the buyer.

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