Barry Sternlicht Of Starwood Capital Group Acquires Senior Housing In Plant City And Tampa For $47.3M

The transaction involved the sale of two senior housing communities located at 300 Park Springs Circle and 1302 East 21st Avenue, serving the Plant City and Tampa markets. The total sale price was $47,300,000, with the properties comprising 360 units, leading to a price per unit of $131,389. The assets include a 200-unit fully affordable community, Park Springs, and a 160-unit age-restricted community, Centro Place Senior Apartments, addressing the ongoing demand for low-cost rentals in the U.S. affordable housing market.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $47,300,000
• Buyer: Barry Sternlicht - Starwood Capital Group
• Seller: Mark Morgan - The Michaels Organization
• Lender: CBRE Capital Markets
• Units: 360
• Price Per Unit: $131,389

This transaction was significant for Starwood Capital Group, which secured a total of $35.4 million in acquisition loans from CBRE Capital Markets to facilitate the purchase from The Michaels Organization. The deal included housing tied to income-restricted programs, highlighting the pressing need for affordable housing solutions as demand increasingly overshadows supply in the market.