MIAMI—A joint venture between Starwood Capital Group and Land Strategies Management (DBA Starwood Land Advisors) said Thursday it had acquired a portfolio of residential development projects from Forestar Group, now a subsidiary of D.R. Horton Inc. (DHI) after DHI won a bidding war with Starwood Capital last summer. The $232-million acquisition also includes multifamily and commercial assets.
“The acquisition of a portfolio of this size and quality in many of our favored growth markets is a rare opportunity in the residential land sector,” says VP David Baker of Starwood Capital. “Our extensive land development experience and longstanding relationships with both Forestar and D.R. Horton allowed us to execute this transaction quickly, efficiently and on an off-market basis.”
The portfolio is primarily comprised of nearly 4,800 fully entitled residential lots spread across 20 projects in several of the nation's top homebuilding markets, including Dallas, Austin, San Antonio, Houston, Charlotte, Nashville, Raleigh and Denver. There is also a JV interest in an existing multifamily community in the Houston suburb of Katy, TX, additional commercial land within six distinct projects and 730 acres of unentitled land in Southern California. Land Strategies Management will manage the assets on the JV's behalf.
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