Photo of residential development Arrowhead Ranch in Dripping Springs, TX, one of 55 residential and mixed-use projects in which Forestar has an interest.

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.”

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