BRADENTON, FL-Starwood Land Ventures continued its growth streak in 2010, closing more than 13,500 residential lots over the past 15 months. Since 2007, Starwood has invested nearly $250 million in residential land—and a large portion of that was placed in 2010.
Indeed, the real estate investment firm continued its focus on residential land development and financing, with notable transactions throughout what was for many a tough year in real estate. Starwood Land Ventures closed one of the year’s largest land deals in Florida with the Tousa Homes asset at $81 million.
"Over the past year, Starwood has increased its inventory of residential lots from 4,500 in 2009 to over 16,000 in 2010 through five separate transactions,” says Mike Moser, east region president for Starwood. “ We are optimistic about 2011 and believe select opportunities will arise allowing future growth.”
Beyond the Tousa Homes assets acquisition, Starwood also purchased the Summerlake Development in Florida for $27.9 million and Castle Oaks Development in Colorado for $16.5 million. Starwood also took control of more than 40 home owner associations throughout the country and sold more than 2,000 lots retail to 15 different builders.
"Starwood has developed good working relationships with almost every large, public builder in the country,” says Mike Forsum, Starwood’s west region president. “We have built momentum and will continue to invest in high-reward portfolios."
Starwood has home sites in Arizona, California, Colorado, and Florida and continues to look for opportunities across all major markets. The company has multiple projects selling lots to several builders in revitalized communities, and Moser says the company is in good position for the coming year.
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