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Starwood acquires multifamily affordable housing portfolio in Texas and Florida
Transactions - AUGUST 26, 2019

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Starwood acquires multifamily affordable housing portfolio in Texas and Florida

by Released

Starwood Capital Group has acquired through a controlled affiliate a stabilized multifamily affordable housing portfolio with 4,448 units located in 21 communities. Terms of the transaction were not disclosed.

The acquired portfolio is 96 percent occupied and located predominantly in Dallas–Fort Worth, Houston and across Florida. The portfolio’s high-quality garden-style residential units feature top-tier amenities, including swimming pools, clubhouses, playgrounds, fitness centers and laundry facilities. The properties in the portfolio have an average vintage of 2004, boast low vacancy rates, and offer affordable options for renters in attractive Texas and Florida markets. These metropolitan areas are projected to experience robust economic and population growth over the next five years, and most are projected to see five-year income growth of greater than 5 percent, according to commercial real estate firm CBRE. In addition, Texas and Florida rank first and second, resp

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