Barry Sternlicht’s Starwood Scoops Up More Miami-Dade Affordable Housing

Barry Sternlicht’s Starwood Asset Management has bought two more affordable housing properties in Miami-Dade County, following two acquisitions last week, bringing the total to $115.4 million and 570 units. 

The investment firm purchased the remaining piece of the Lafayette housing complex in Miami’s Little River neighborhood for $27 million, property records show.

Called Lafayette Plaza, the 201,446-square-foot property houses 136 apartments at 155 Northeast 78th Street. The 14-story asset was completed on a 1.1-acre parcel in 2008. CBRE Capital Markets provided a $18.9 million loan, backed by Freddie Mac.

Lafayette Plaza is attached to the 160-unit Lafayette Square building, which Starwood purchased for just under $30 million last week.

In the second transaction this week, the Miami Beach-based firm purchased another property in Little River, Emerald Terrace, paying $24.6 million. CBRE Capital Markets once again supplied financing: a $17.2 million, Freddie Mac-backed loan.

The complex, built in 2009 facing train tracks, houses 124 apartments and a 24,718-square-foot parking garage at 244 and 290 Northwest 72nd Terrace, near the retail center of the neighborhood, where popular restaurants such as Sunny’s Steakhouse are located. 

In the fourth acquisition, which closed last week, Starwood purchased the 150-unit Magnolia Landing Apartments for $34 million. The 4.8-acre complex, built in 2011, features 20 three-story buildings near the southern end of the county in the Naranja neighborhood. 

Mansfield, Mass.-based Gatehouse Group developed and sold the four properties. CBRE’s Tim Flint, Jim Flinn and Jon Romano brokered all the recent sales and financings. 

A representative for Starwood confirmed the transactions. 

Julia Echikson can be reached at jechikson@commercialobserver.com.