Barry Sternlicht Of Starwood Asset Management Acquires Multifamily Properties For $63.75M In Miami

A 310-unit multifamily asset was involved in this transaction, which took place at the addresses of 25900 & 25881 Southwest 143rd Court and 150 Northeast 79th Street in the Naranja & Miami, FL market. The sale price of the properties was $63,750,000, translating to an average price per unit of $205,645.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $63,750,000
• Buyer: Barry Sternlicht - Starwood Asset Management
• Seller: Gatehouse Group
• Lender: Freddie Mac
• Mortgage Broker: CBRE
• Units: 310
• Price Per Unit: $205,645

This transaction was facilitated by an affiliate of Starwood Asset Management acquiring the Magnolia Landing Apartments and Lafayette Square affordable housing communities. The financing for the acquisition was structured as a 10-year loan amounting to $44.63 million, arranged by CBRE Capital Markets, specifically for these two properties.