A joint venture between Starwood Capital Group and Land Strategies Management (DBA Starwood Land) has completed the acquisition of a portfolio of master-planned communities in Texas from Hines for approximately $800 million.Â
The acquisition comprises 11 master-planned communities that are in advanced stages of development, with more than 16,000 remaining residential lots and over 600 acres of commercial land, across three of the ten largest U.S. new home markets: Dallas, Houston, and Austin. The communities are all located in high-growth submarkets with established track records of strong homebuilder activity. The developments include: Dallas – Wildflower Ranch, Creekside, Aster Park, Northspur, Myrtle Creek, Furst Ranch, and Redden Farms; Houston – Brookewater (shown), Creekhaven, and Wildrye; Austin – Mirador.
Additional involved partners with Hines include Trez Capital, which is a partner in nine of the communities, Caravel Ventures, Bloomfield Homes, Sumitomo Forestry America, Estein USA, and GMcivil.
The post Hines Spins Off $800M Texas Master-Planned Community Portfolio to Starwood Capital appeared first on Connect CRE.
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