Multi-Family Residential Developments

A trio of low-income multifamily communities sell across Central Florida

The 252-unit Falcon Trace apartment complex at 1635 Peregrine Falcons Way.

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.

The sellers are affiliates of the real estate investment firm Lakeside Capital Advisors.


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.

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.

The Tierra Vista apartments at 8700 Tierra Vista Circle.

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.

Have a tip about Central Florida development? Contact me at or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.