Starwood Pays $176M for Three Apartment Complexes in Palm Beach County

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In a year-end shopping spree, Starwood Capital Group of Miami Beach paid $176.4 million for 740 apartments spread across three communities in Palm Beach County, Fla., deeds indicate.

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The seller was Southport Financial Services, a Tampa developer that specializes in affordable rental units.

In the largest of the deals, Starwood bought San Marco Villas, a 400-unit complex at 301 North Congress Avenue and 303 North Congress Avenue in Lake Park, for $86 million.

No previous sale information is listed in property records. Rents at the complex range from $929 to $1,300 a month, according to Apartments.com.  

Starwood also bought Chelsea Commons, a 210-unit complex at 101 Pine Circle in Greenacres, for $58.9 million, a considerable increase from the $31.5 million Southport paid in 2018, per property records.

Monthly rents at Chelsea Commons range from $1,539 to $2,700, according to Apartments.com.

And Starwood snapped up Colony Park, a 130-unit complex at 8215 Belvedere Road in unincorporated Palm Beach County for $31.5 million. Southport paid $12.6 million for it in 2018, according to property records.

Starwood’s latest deals come amid a surge in rental rates in South Florida and an explosion of investor interest in multifamily properties. Starwood did not immediately respond to a request for comment.

Jeff Ostrowskican be reached at jostrowski@commercialobserver.com.