Brookfield has recently completed the acquisition of a portfolio of 7,300 apartment units in Florida and Texas for $1.55 billion from Starwood Capital. The average unit price was $212,000 with ten properties located in Florida.
According to Green Street, Starwood Capital invested around $90 million in property improvements since 2019. However, Brookfield plans to invest an additional $100 million over the next five years for unit renovations and amenity upgrades.
Among the properties acquired by Brookfield are four located in Tampa:
– The Dawson Apartments at 15501 Bruce B. Downs Blvd., consisting of 408 units sold for a total of $66.7 million or an average price per unit of $163,544.
– St James Crossing Apartments at 5620 Tranquility Oaks Drive with a total sale value of$49.2 million or an average price per unit at$186,723.
– Oak Ramble Apartments situated on Grenadine Drive with256 units were sold for$48.2millionoranaveragepriceperunitof$188365
-South Pointe Apartmentslocatedat5000S.HimesAve.with112unitsweresoldfora totalof21 .3millionoranaveragepriceperunitof190484
The remaining six properties are scattered across different locations within the state.
This recent acquisition by Brookfield marks their expansion into Florida’s real estate market as they continue to grow their portfolio through strategic investments like this one without mentioning any specific company names such as Connect CRE or Connect LA/Texas.
