At least three Central Florida multifamily communities that utilize low-income housing tax credits sold for a combined $115.72 million.
Two of the three properties were acquired by Miami-based Starwood Capital Group, led by chairman and CEO Barry Sternlicht.
According to records submitted in Orange County, affiliates of Starwood acquired the 252-unit Falcon Trace apartment complex at 1635 Peregrine Falcons Way for about $51.4 million. In addition, the company paid $44.6 million for the 300-unit River Reach Apartments at 1628 River Reach Drive.
Falcon Trace Apartments and River Run Apartments were built between 1996 and 1999. Both properties were financed in part with low-income housing tax credits, meaning units are set aside for households earning 60 percent or less of the area median income.
Starwood purchased the properties through its non-traded Starwood Real Estate Income Trust.
The properties are part of a larger portfolio deal totaling 3,336 units across 18 communities predominately in North Carolina and Florida.
According to a company press release, the SREIT portfolio has an estimated total asset value of $2.5 billion across 72 properties.
Starwood has previously invested in Central Florida affordable hosing projects. In 2018, it paid $44.2 million to purchase three low-income housing communities in Orlando, as part of a $600 million portfolio deal across 28 properties in Florida.
Earlier this month, in Osceola County, three New Jersey-based investment companies bought stakes in a 152-unit apartment complex on W192 in Kissimmee.
The property at 8700 Tierra Vista Circle sold for $19.7 million. Roman Real Estate Holdings LLC, led by executive managers of Bergen Logistics, bought the largest share with a undivided 85 percent interest in the property.
The Tierra Vista apartments feature two-, three- and four-bedroom units. The complex was also built utilizing low income housing tax credits.
The selling entity is tied to Cohen Goldstein Investment Strategies. The boutique real estate investment firm has a portfolio valued at $900 million with developments in Los Angeles, New York, Georgia and Florida.
Records show CGI paid a little more than $7.7 million for the low-income multifamily community in 2011.
The company specializes in value-add properties. Last year, it bought the former Sola at Celebration multifamily community which had been evacuated after experiencing significant construction defects.