A joint venture between affiliates of Starwood Capital Group and Land Strategies Management has acquired 11 master-planned residential community developments in Texas from Hines for approximately $800 million.
These communities, located in Dallas, Houston, and Austin, are in advanced stages of development and will feature over 16,000 residential lots and more than 600 acres of commercial space once completed.
The acquired portfolio includes the following developments: Aster Park, Northspur, Myrtle Creek, Furst Ranch, Wildflower Ranch, Creekside, Redden Farms, Wildrye, Mirador, Brookewater, and Creekhaven. These communities are situated in high-growth submarkets with established homebuilder activity.
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Starwood Capital has a strong track record in master-planned developments. For instance, its Sunterra community in Katy was the best-selling residential community in Texas for 2023 and 2024 and ranked fourth nationally. This success followed Starwood Land's $425 million investment in Houston-area master-planned communities.
Commenting on the acquisition, Anthony Murphy, Managing Director at Starwood Capital Group, stated that the investment aligns with the company's strategy of acquiring well-located master-planned communities in major new home markets to leverage long-term residential land fundamentals.
He emphasized that this acquisition represents a rare opportunity to acquire mature communities with substantial infrastructure already completed and active lot sales to over 30 homebuilders.
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