Starwood Capital Group purchased of an affordable housing portfolio totaling 4,448 units across 21 communities in Dallas-Fort Worth, Houston and the state of Florida. The price of the deal was not disclosed. Starwood Capital expects economic and population growth over the next five years in theses markets, with most projected to see five-year income growth exceeding 5 percent. The properties are currently 96 percent leased. Amenities include swimming pools, clubhouses, playgrounds, fitness centers and laundry facilities.
“This transaction is an extension of Starwood Capital’s successful investments in the affordable multifamily housing sector, and we are pleased to add these residential communities to our growing multifamily portfolio,” said Mark Keatley, managing director at Starwood Capital. “In fact, this acquisition brings Starwood and its affiliates’ total ownership of affordable housing properties to nearly 20,700 units, making us one of the top 10 largest owners in the United States.”
