Multi-Family Residential Developments

Starwood REIT takes down five more LIHTC apt complexes in Orlando area

View of the Hidden Creek Villas, an Orlando affordable apartments complex bought last week by an affiliate of Starwood Property Trust.

An affiliate of national REIT Starwood Property Trust paid another $167.435 million last week for five more affordable apartment properties in Orange County, bringing its phased portfolio takedown to 12 low-income housing assets in Greater Orlando since late December.

They're all part of a $600 million portfolio deal for 28 affordable housing properties in Florida. Thus far, SPT has paid more than $304.2 million across a series of purchases in late December, and again the week of Feb. 15, for Low Income Housing Tax Credit (LIHTC) communities in Greater Orlando that were developed and sold by affiliates of AGPM LLC and Banyan Realty Advisors.


The latest five acquisitions closed on Feb. 27 and were recorded Wednesday morning in Orange County. Those included:

-- More than $26.26 million paid for the 304-unit Hidden Creek Villas, set on 17 acres at 2001 Rivertree Circle with 16 three-story apartment buildings dating to 1996;


-- More than $30.49 million for the 288-unit Pointe Vista Apartments Phase 2, set on 13 acres at 2000 Americana Blvd. with 15 two- and three-story buildings dating to 1997. It paid a separate $7.745 million for the neighboring Pointe Vista Phase 1 (100 units);

-- More than $27.54 million for the 288-unit Metro Place Apartments Phase 1, set on 19.4 acres at 907 S. Kirkman Road with 14 three-story buildings dating to 1998. It also paid a separate $25.18 million for the neighboring Phase 2 (248 units);

-- More than $16.93 million for the 169-unit Camellia Pointe Apartments, set on 18.4 acres at 6310 Camellia Garden Dr., with seven three-story buildings dating to 2004;

-- And $33.29 million for the 324-unit Buena Vista Point Apartments, set on 18.3 acres at 11856 Reedy Creek Dr., with 12 three-story buildings dating to 1994.

The buyer sourced another multifamily mortgage totaling $134.85 million from Wells Fargo Bank to support the latest phase of acquisitions, which included an AGPM property in the Florida Keys.

AGPM developed and built all the properties with the aid of tax exempt financing provided through the Florida Housing Finance Corp. The tax-exempt bonds are issued by the state and U.S. Department of Housing and Urban Development (HUD) to encourage development of affordable housing.

AGPM's property management division is being retained by Starwood to manage all the assets. Officials with both companies have not responded to requests for comment in recent weeks.

The bonds issued allow investors in the project to take a tax credit equal to 30 percent of the cost incurred to develop the low-income units in the housing project. Each of the former AGPM properties target a specific population (low-income) with specialized services or facilities.


SPT announced on Jan. 4 it would be acquiring the portfolio of LIHTC properties totaling 6,185 units. It did not name the sellers or locations at the time, but said the portfolio was 99 percent leased, and mainly located in Orlando with smaller footprints in West Palm Beach, Tampa and Miami.

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