The acquired portfolio includes multifamily assets in Austin, TX.

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MIAMI—An affiliate of locally-based Starwood Capital Group has added 4,448 multifamily units in 21 communities predominantly located in the state of Florida, as well as in the Dallas-Fort Worth and Houston markets to its portfolio that now totals in excess of 20,000 units.

The garden-style apartment portfolio is 96% occupied. No financial terms of the transaction were disclosed.

"This transaction is an extension of Starwood Capital's successful investments in the affordable multifamily housing sector, and we are pleased to add these residential communities to our growing multifamily portfolio," says Mark Keatley, managing director at Starwood Capital.  "In fact, this acquisition brings Starwood and its affiliates' total ownership of affordable housing properties to nearly 20,700 units, making us one of the top 10 largest owners in the United States."