Starwood acquires stake in West Palm Beach development site

Firm joins Hyperion Group and Winter Properties in developing 459-unit rental complex.

UPDATED, 5:42 p.m., Sept. 17, 2021: As part of an $18.3 million sale, Starwood Capital Group is joining two New York development firms in developing a large multifamily project in West Palm Beach, sources familiar with the transaction told The Real Deal.

An affiliate of Miami Beach-based Starwood bought the 1.3-acre vacant lot at 350 South Australian Avenue from 350 Development LLC, an entity with ties to Hyperion Group and Winter Properties. The new owner, 350 S Australian Owner LLC, is a partnership between Starwood, Hyperion and Winter Properties.

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