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Starwood Snares Florida MF Portfolio for $600M
Greenwich, CT-based Starwood Property Trust is acquiring an institutional-quality multifamily affordable housing portfolio in Florida for roughly $600 million. The 99% leased portfolio is comprised of 28 properties and 6,185 units. The assets are predominately located in Orlando, with smaller concentrations in the West Palm Beach, Tampa, and Miami MSA’s.
“This uniquely structured, off-market investment in a high quality multifamily affordable housing portfolio is a great way to begin 2018,” said Starwood’s Barry Sternlicht. “This transaction is an extension of Starwood Property Trust’s previous successful investment in the affordable multifamily housing sector, and upon closing our portfolio will consist of over 15,100 units of housing located predominately in Florida.”
Starwood is acquiring the portfolio with a combination of units in a newly-formed subsidiary which are exchangeable into Starwood common shares, cash and debt financing. The transaction is expected to close in phases by the end of Q2 2018.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

