An affiliate of Starwood Capital bought Summerlake Apartments, an 84-unit complex in Davie, for $11 million, amid growing demand for affordable housing properties.
Miami Beach-based Starwood bought the affordable housing complex at 6081 Summerlake Drive for $130,952 per unit from Alden Affordable Holdings, records show.
The property near I-595 and the Florida Turnpike is a Low-Income Housing Tax Credit (LIHTC) project. LIHTC is a tax credit offered to developers and builders for constructing affordable housing projects.
Amenities at the complex include a community clubhouse, a playground, a waterfront swimming pool, and a barbecue and picnic area.
The property was last purchased for $723,800 in 2000. The apartments were built in 2001 and total 79,346 square feet, records show.
The deal appears to be part of Starwood’s acquisition of a multifamily affordable housing portfolio of 4,448 units in 21 communities in Florida and Texas, which it announced on Monday.
Starwood Capital is a private investment firm that focuses on real estate, energy infrastructure and oil & gas. Since its founding in 1991, Starwood Capital has raised $45 billion of equity capital, and currently has over $60 billion of assets under management.
Affordable housing is a pressing issue in South Florida as home prices have risen faster than income levels. Miami is consistently ranked as one of the least affordable places to live in the United States.