Barry Sternlicht’s Starwood Asset Management has paid $63.8 million combined for two affordable housing complexes in Miami-Dade County, adding 310 income-restricted apartments to its growing Florida portfolio. The firm bought Lafayette Square in Miami’s Little River neighborhood for $29.75 million and Magnolia Landing Apartments in Naranja for $34 million, according to property records.
The deals were first reported by Commercial Observer, which detailed the property specifics behind each purchase. Lafayette Square, a 19-story building with 160 units at 150 Northeast 79th Street, sold for roughly $185,900 per apartment and sits on 1.2 acres a block west of Northeast Second Avenue. Magnolia Landing, made up of 20 three-story buildings spread across 4.8 acres at 25881 Southwest 143rd Court near South Dixie Highway, sold for about $226,660 per unit.
Both properties were sold by The Gatehouse Group, a Mansfield, Massachusetts-based developer that built Lafayette Square in 2008 and Magnolia Landing in 2011, per the outlet’s reporting. The company appears to have retained ownership of an adjacent 136-unit property near Magnolia Landing, and representatives for both The Gatehouse Group and Starwood did not immediately respond to requests for comment, according to the same account.
Financing Follows a Familiar Starwood Pattern
CBRE Capital Partners arranged a $23.8 million Freddie Mac loan to help finance the Magnolia Landing acquisition, the report noted. The structure echoes a deal Starwood closed in February, when it paid $47.3 million for two Low-Income Housing Tax Credit properties totaling 360 units in the Tampa area using $35.4 million in CBRE-placed Freddie Mac financing, as Hoodline previously reported…