Starwood Capital Group Hungry for More Distressed Condos
January 5, 2011 by Lucas Lechuga
Acquiring $4.5B in property 15 months ago wasn't enough. Starwood Capital Group is back for more, and this time, according to the Wall Street Journal, they are targeting individual properties and portfolios offered by banks and the FDIC. Recently, as the article points out, Starwood Capital Group bid on Everglades on the Bay (now known as Vizcayne South and Vizcayne North) but lost out to Rockwood Capital LLC.
Through the acquisition of Corus Bank's portfolio in October 2009, Starwood controls roughly 6,700 units throughout the country, with a good chunk of them residing in South Florida. Paramount Bay and Mint at Riverfront are two luxury condominium developments under Starwood's control. Both Miami developments are scheduled to begin sales in the first quarter of this year.
FYI – Infinity is also under Starwood’s control.
They have very deep pockets – they are spending a LOT of money upgrading the common areas at Infinity.
owner, just out of curiousity why is there so much money going to upgrade a brand new luxury building? did the developers skimp at the end, or is starwood trying to move the building up in class for future sales?
they are just redoing things that dont need to be redone, the building is just fine before. you need to look at some pictures of the common areas on online- no they didn’t skimp on it the orig look at all, they just want to upgrade it cause they have a lot of money from starwood to spend – to help sales i guess. they sold 32 units in dec so i guess it is working – they cant move up the building class – it will just remain one of nice middle of road buildings in brickell