Barry Sternlicht’s Starwood Buys Two Miami Affordable Housing Rentals
By Julia Echikson August 7, 2026 1:55 pm
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Barry Sternlicht’s Starwood Asset Management has acquired two affordable housing properties in Miami-Dade County from the Gatehouse Group, paying a combined $63.8 million, property records show.
In the largest deal, the investor paid $34 million for the 150-unit Magnolia Landing Apartments in the Naranja neighborhood, near the southern end of the county. Built in 2011, the 4.8-acre asset houses 20 three-story buildings at 25881 Southwest 143rd Court, just west of the South Dixie Highway.
The sale breaks down to roughly $226,660 per unit. CBRE Capital Partners provided a $23.8 million Freddie Mac loan.
Across the county in Miami’s Little River neighborhood, Starwood paid $29.75 million for the 160-unit Lafayette Square complex. The 19-story building sits on a 1.2-acre site, a block west from Northeast Second Avenue at 150 Northeast 79th Street.
The deal equates to about $185,900 per apartment. The Gatehouse Group appears to have retained ownership of the adjacent 136-unit property.
The Mansfield, Mass.-based firm developed both the Lafayette Square and Magnolia Landing Apartments, completing the former in 2008 and the latter in 2011.
Representatives for Starwood and Gatehouse Group did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
