Starwood and A-Rod Buy 45 South Florida Homes for $18M
Investors have prowled multifamily properties as rents continue to soar in the Sunshine State. Now real estate power players are going after single-family homes.
Barry Sternlicht’s Starwood Realty Trust and McLean, Va.-based Tiber Capital Group paid $18.41 million for 45 single-family homes and townhouses across South Florida, according to property records, as first reported by the South Florida Business Journal.
Aventura-based Transcendent Investment Management sold the portfolio, which was concentrated in Hialeah and Pembroke Pines. Transcendent sold 32 homes in Hialeah, a working-class neighborhood near the outskirts of Miami-Dade County, for $10.8 million, and another 12 in Pembroke Pines, about 12 miles north of Hialeah, for $7.61 million.
One of Tiber’s partners is baseball superstar Alex Rodriguez.
The firm, which specializes in renovating and renting single-family homes, “is one of the most active buyers in the country,” experiencing “exponential growth,” Rodriguez wrote on Linkedin.
With Starwood, Tiber is “buying about 1,000 homes per month,” the Miami-native added. Similar trades are in place across the state in Orlando, Tampa and Jacksonville, records indicate.
Rodriguez, through his company A-Rod Corp, has turned to real estate since leaving the field in 2016. In August, a fund in which the baseball star is an investor and partner, purchased an oceanfront South Beach hotel.
Headquartered in Miami Beach, Starwood, one of the largest property owners in the country, has a portfolio of 349 multifamily properties with over 88,000 units in Florida. Earlier this year, the firm paid $371 million for a Miami rental complex, making it South Florida’s most expensive multifamily sale of the year so far.
Tiber, led by Simon Frost, says it has acquired and managed over 10,000 single-family homes and renovated over 28,000 homes and apartments.
A representative for Starwood declined to comment, while a spokesperson for Tiber did not immediately respond to a request for comment.
Julia Echikson can be reached at firstname.lastname@example.org.