Starwood Property Trust to Acquire Affordable Housing Portfolio in Florida for $600M
GREENWICH, CONN. — Starwood Property Trust Inc., an affiliate of Greenwich-based Starwood Capital Group, has signed a definitive agreement to acquire a 28-property affordable housing portfolio located throughout Florida for approximately $600 million. The portfolio includes 6,185 units predominately located in Orlando, with smaller concentrations in West Palm Beach, Tampa and Miami. At the time of sale, the portfolio was 99 percent occupied. The transaction is expected to close in phases due to timing of regulatory approvals and the assumption of in-place financing. The first phase, which includes 1,740 units, closed in December. Starwood Property Trust expects to complete the remaining phases by the end of the second quarter. Upon closing, the company’s portfolio will include more than 15,100 affordable housing units, located predominately in Florida.