Brookfield Buys Starwood’s West Palm Rental in $108M Deal
The 444-unit asset is just west of Trump International Golf Club.
By Julia Echikson July 1, 2024 11:33 am
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Two real estate heavyweights have struck a deal to trade a multifamily property near West Palm Beach, Fla., property records show.
Barry Sternlicht’s Starwood Capital Group sold the Turtle Cove apartment complex for $107.5 million to Brookfield (BN) Properties, one of the nation’s largest real estate investors.
The 404,222-square-foot property houses 444 units across 26 buildings, some of which sit on the edge of a lake, at 825 Cotton Bay Drive E, just west of the Trump International Golf Club West Palm Beach.
Starwood purchased the complex, which sits on 37 acres, for $61.5 million in 2016, according to property records.
Representatives for Brookfield and Starwood did not immediately respond to a request for comment.
The purchase is the latest multifamily transaction to close in South Florida. Last week, Pantzer Properties paid $139.2 million for a rental property in Doral. In May, Ares Management paid $139.7 million for a 284-unit property in Boca Raton.
While both sales are South Florida’s largest multifamily deals so far this year, they’re still a far cry from the height of the pandemic, when droves of Northerners relocated to Florida and Hines paid $430 million for the Gables Station development, marking the most sizable deal in 2023.
Julia Echikson can be reached at jechikson@commercialobserver.com.
