May 12, 2017 Comments Off on Starwood Divests Florida MF Portfolio for $153M Views: 388 Florida, National News, Southeast

Starwood Divests Florida MF Portfolio for $153M

Starwood Capital disposed of a portfolio of three multifamily communities in Florida, for a combined total of $153 million. The assets were acquired by Carroll Organization. JLL’s Jubeen Vaghefi and Denny St. Romain handled the transaction.

The portfolio includes the 447-unit Key Isle at Windermere in Ocoee, the 253-unit Tradition at Alafaya in Oviedo and the 272-unit Estates at Maitland Summit in Orlando. The portfolio has an average occupancy of 96%, and the properties are located 20 minutes from Orlando’s CBD.

JLL’s Vaghefi said, “Each of these properties is located in a high barrier-to-entry submarket, and boasts above-average occupancy. Investors were attracted to the quality of the assets and the opportunity to add value by bridging rent gaps at each property.”

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