Starwood Property Trust acquired the Madison Chase Apartments near West Palm Beach as part of its $600 million portfolio deal for 28 affordable housing properties.
Saddlebrook at Palm Beach, an affiliate of Orlando-based AGPM LLC, sold the 230-unit affordable housing complex at 1096 Madison Chase for $27.85 million to SPT Dolphin Madison Chase, a subsidiary of Greenwich, Connecticut-based Starwood Property Trust (NYSE: STWD). The price equated to $121,087 per unit.
The buyer received a $21.55 million mortgage from Wells Fargo Bank and assumed a $2.37 million loan from the Florida Housing Finance Corp.
The apartment complex was built on the 46.06-acre site in 2001.
On Jan. 4, Starwood Property Trust announced that it agreed to acquire an affordable housing portfolio of 6,185 units at 28 Florida properties for about $600 million. The closings will take place in several phases through the second quarter of 2018.
In January, the first wave of closings included an apartment complex near Lake Worth.
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