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.