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Starwood Land Allies with Penrose in JV

VIENNA, VA-This is one of a handful of partnerships Starwood has been forming to increase its geographic reach.

By Erika Morphy | Updated on August 05, 2008

VIENNA, VA-Starwood Land Ventures, a Sarasota, FL-based residential real estate investment firm focused on land acquisition, development and financing, has formed a joint venture with locally based Penrose Group, according to a statement. The purpose of the venture is to acquire, hold and develop residential real estate in parts of the Mid-Atlantic. Neither company returned a call to GlobeSt.com in time for publication.

Among its bona fides, Penrose says it was at one time the largest owner of contiguous land in the DC metro area. It has been involved in several deals in this region, including the master-planned, mixed-use community King Farm in Rockville. Starwood Land Ventures, for its part, has been active in partner outreach over the past several months. In June, it formed a JV with Riverway Properties, a Houston-based residential community developer, through which $150 million will be invested locally. According to a statement by Mike Moser, East Region president of Starwood Land Ventures, the JV has already begun evaluating projects.

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