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VIENNA, VA-Starwood Land Ventures, a Sarasota, FL-based residential real estate investment firm focused on land acquisition, development and financing, has formed a joint venture with locally based Penrose Group, according to a statement. The purpose of the venture is to acquire, hold and develop residential real estate in parts of the Mid-Atlantic. Neither company returned a call to GlobeSt.com in time for publication.

Among its bona fides, Penrose says it was at one time the largest owner of contiguous land in the DC metro area. It has been involved in several deals in this region, including the master-planned, mixed-use community King Farm in Rockville. Starwood Land Ventures, for its part, has been active in partner outreach over the past several months. In June, it formed a JV with Riverway Properties, a Houston-based residential community developer, through which $150 million will be invested locally. According to a statement by Mike Moser, East Region president of Starwood Land Ventures, the JV has already begun evaluating projects.

At the beginning of July, Starwood Land added West Region president Michael R. Forsum to its executive headcount. Based in the company’s newly opened Phoenix office, Forsum will oversee Starwood Land’s expanding operations in the west. He has been tasked with building Starwood Land’s team in Phoenix and establishing JVs in the Las Vegas and Denver markets.

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