A company tied to Starwood Capital Group bought an apartment complex in West Palm Beach for $13.8 million.
SREIT Royal Poinciana, an affiliate of Starwood Capital Group, bought the 144-unit apartments at 5500 North Haverhill Road for about $96,000 per unit, records show. LCA Las Palmas LP, which is tied to Chicago-based Lakeside Capital Advisors, sold the property.
The 8.2-acre community was developed in 1996, near the highly trafficked North Military Trail.
The property last traded for $7.78 million in 2016, records show.
Demand for apartments in West Palm Beach is increasing as the city’s population grows and continues to attract more companies. In the last decade, Palm Beach County’s population has grown more than 15 percent, with total employment growth at 28 percent, according to a recent report from CBRE.
Starwood Capital Group has offices in Greenwich, Connecticut and Miami Beach, Florida. Starwood Capital is an active investor in South Florida’s multifamily market. In August, it bought Summerlake Apartments, an 84-unit complex in Davie, for $11 million.