Starwood Capital Group, based in Greenwich, Conn., has picked up three Orlando affordable housing apartment communities for a total of $72 million. The apartments, two on the west side of town and one on the east side, were acquired from Tampa-based The Wilson Co. They include two assets located in the west Orlando: the 254 unit Woodridge Apartments at 7351 Woodridge Park Drive (sold for $20.5 million) and the 450 unit Woodhill Apartments at 7201 Woodhill Park Drive ($29.9 million). Starwood picked up the 528 unit Wentworth Apartments at 10200 Dylan St. in east Orlando was purchased for $21.7 million, or about $41,098 per unit.
These purchases concluded a busy week for Starwood, which also announced that Starwood Global Opportunity Fund X controlled affiliate inked a $5.4 billion deal. In what is Starwood’s largest ever non-hotel purchase, it is to acquire a portfolio of 23,262 apartment units in 72 U.S. communities from Equity Residential in the first quarter of next year.
