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Starwood Capital spends $72M on 3 apartment communities

Highlighted in blue, two of the three apartment communities bought by an affiliate of Starwood Capital Group are located just north of the intersection of W. Colonial Drive and N. Apopka Vineland Road, a few miles east of Ocoee city limits.
Highlighted in blue, two of the three apartment communities bought by an affiliate of Starwood Capital Group are located just north of the intersection of W. Colonial Drive and N. Apopka Vineland Road, a few miles east of Ocoee city limits. (Orange County Property Appraiser)

Greenwich, Conn.-based global real estate investment firm Starwood Capital Group paid a combined $72.09 million through affiliates on Tuesday for two neighboring apartment communities east of Ocoee and one in east Orange County, according to county sale records.

Located just north of the intersection of W. Colonial Drive and N. Apopka Vineland Road, a few miles east of Ocoee city limits, the neighboring Woodridge and Woodhill apartment properties were acquired via LLCs affiliated with Starwood Property Trust (SPT), which invests mainly in residential rental properties.

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Located at 7351 Woodridge Park Dr., the 254-unit Woodridge Apartments is set on 16.59 acres and was built in 2000. It was bought for $20.48 million, or $80,629 per unit, and was financed in part by a loan of $14.48 million acquired from the Houston office of HFF, a leader in commercial real estate capital markets.

Located at 7201 Woodhill Park Dr., the 450-unit Woodhill Apartments is set on 25.11 acres and was built in 1996. This acquisition included a separate 8.37-acre stormwater retention parcel that lies within the development.

Woodhill Apartments was bought for $29.91 million, or $66,466 per unit, with another loan supplied for this acquisition worth $21.096 million, also written by HFF.

Starwood Capital Group declined to comment Thursday for this story.

The group's third acquisition was for Wentworth Apartments, located at 10200 Dylan St. in east Orange County, less than a mile south of the intersection of N. Dean Road and the 408 Expressway.

The SPT affiliate that bought this property paid $21.7 million for Wentworth Phase I, which includes 264 units built in 1998, roughly $82,196 per unit. The acquisition also included a neighboring 4.66-acre wasteland tract, and was financed in part with a $15.15 million loan from the Houston office of HFF.

GrowthSpotter could not confirm as of late Thursday if SPT also purchased Wentworth Phase II, which neighbors Phase I, has another 264 units and was completed in 2000. That separate land parcel was not included in the $21.7 million acquisition's warranty deed.

Pinnacle Management of Maitland has been brought on as new manager of the three properties, replacing The Wilson Co.

These local acquisitions follow spending in early May by Starwood Capital of more than $12 million on two extended stay Crestwood Suites properties in Metro Orlando, part of a 50-hotel acquisition nationwide to expand its InTown Suites brand.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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