Starwood Asset Management Acquires Two Miami-Dade Affordable Housing Properties for $63.8 Million

Starwood Asset Management has acquired two affordable housing properties in Miami-Dade County from the Gatehouse Group for a combined $63.8 million. This significant transaction adds 310 units to Starwood's portfolio across two distinct Miami-Dade locations. The larger deal involved the 150-unit Magnolia Landing Apartments in the Naranja neighborhood, purchased for $34 million. Built in 2011, this 4.8-acre asset features 20 three-story buildings. The sale price for Magnolia Landing equates to approximately $226,660 per unit, with CBRE Capital Partners providing a $23.8 million Freddie Mac loan.

The second acquisition was the 160-unit Lafayette Square complex in Miami’s Little River neighborhood, secured for $29.75 million. This 19-story building, completed in 2008 by Gatehouse Group, is situated on a 1.2-acre site. The per-unit cost for Lafayette Square was about $185,900. The Gatehouse Group, based in Mansfield, Mass., developed both properties and appears to have retained an adjacent 136-unit asset near Lafayette Square. This acquisition underscores continued investor interest in stabilized affordable housing assets within the Florida market.