A joint venture between an affiliate of Starwood Capital Group, a leading global private investment firm, and an affiliate of Land Strategies Management (DBA Starwood Land Advisors), announced today that it has acquired a diverse portfolio of residential and commercial real estate assets concentrated in high-growth markets throughout Texas, the Southeast and the Western United States.
The venture acquired equity interests in the portfolio from Forestar Group (NYSE: FOR) (“Forestar”) for $232 million.
The acquired portfolio is primarily comprised of nearly 4,800 fully entitled residential lots spread across 20 projects in a majority of the top homebuilding markets in the United States including Dallas, Austin, San Antonio, Houston, Charlotte, Nashville, Raleigh, and Denver. The acquisition further included a joint venture interest in an existing multifamily community located in 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 behalf of the joint venture.
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