Starwood Capital Group has grabbed a fresh slice of the Tampa-area rental market, acquiring two apartment communities, Park Springs in Plant City and Centro Place Senior Apartments in Tampa, for a combined 360 units in a deal the industry pegs at roughly $47.3 million. The buy folds both family-focused and senior residents into an institutional owner’s portfolio, after the transaction was first flagged in market data and trade reporting on Feb. 26, 2026.
Deal Details
According to Multi-Housing News, Starwood paid about $47.3 million for the two assets, which consist of the 200-unit Park Springs and the 160-unit Centro Place Senior Apartments. Yardi Matrix market data cited in that coverage indicate CBRE Capital Markets placed two acquisition loans totaling roughly $35.4 million that are scheduled to mature in March 2036.
Park Springs in Plant City
Completed in 2000, Park Springs sits on roughly 36 acres and is marketed as a family-focused, income-restricted community with two- and three-bedroom floorplans. Its leasing site, Park Springs, lists the property’s address and on-site amenities. Affordable-housing databases identify the community as a 200-unit LIHTC property with additional state loan-supported apartments, underscoring its role in preserving family-sized affordable units in the market.
Centro Place Senior Near Ybor
Centro Place Senior, at 1302 E. 21st Ave., is a 55-plus community of about 160 units offering one- and two-bedroom floorplans that generally range from roughly 650 to 950 square feet. The leasing site, Centro Place Senior, highlights a fitness center, business room and pool, while local listings place the community a short drive from downtown Tampa and key interstates.
Seller and Ownership Context
As reported by Multi-Housing News, the seller in the transaction was The Michaels Organization. The deal follows other recent Starwood activity in the Southeast, adding another pair of income-restricted properties to its holdings while keeping existing residents under program rules tied to affordability.
Why It Matters
Industry research suggests federal incentives and investor capital are reshaping where affordable housing gets built and preserved. Yardi Matrix's January 2026 national report notes Opportunity Zone and Difficult Development Area projects account for roughly 5.4 percent of in-place stock and that hundreds of thousands of subsidized units are in the development pipeline. In a fast-growth metro like Tampa, acquisitions that pull existing affordable stock into large owners can help preserve continuity of services, even as they shift who controls long-term capital and property upkeep.
What Renters Should Watch
Because Park Springs includes LIHTC and state-supported apartments, income and rent limits are recorded through program rules and typically remain in place for decades under compliance and extended-use agreements. Housing advocates note the LIHTC compliance period is 15 years and most projects commit to at least a 30-year affordability window through extended use agreements, per NLIHC. For current and future renters, that framework is designed to keep the units affordable well beyond any single sale.
