LOS ANGELES—Foremost Communities andStarwood Capital Group have formed a joint ventureunder the name of Forestar Land Partners for theacquisition of a 230-acre land parcel called DeerlakeRanch from Presidio Chatsworth PartnersLLC. The joint venture will develop 314 luxurysingle-family homes with equestrian options on the site. Oncedeveloped, the sale of these homes will generate a revenue of $500million.

Located in the San Fernando Valley, the site is one of the fewremaining development parcels in the Los Angeles area. Set in fourneighborhoods within the larger community, the 314 home lots willrange in size from 5,000 square feet to a half acre, and almostevery home will feature hillside views. The larger property willinclude a resort-quality pool complex as well. The developers willreserve 73 acres of the property for outdoor space, ensuring thatthere is plenty of room for horse-owners to properly care for andride their horses, as two of the neighborhoods within the communitywill be private with guarded gates for equestrian use. Neitherparty was available to comment before the publication of thisstory.

There is a limited supply of luxury homes currently available inthis market. Developers, in fact, have been adding to the supply ofluxury homes in markets throughout the greater L.A. area. In arecent story, GlobeSt.com reported that Pathfinderacquired 14 luxury homes for renovation, a projectthat is estimated to cost $50 million. The homes are located in theSunset Strip area of Los Angeles, and some have already beenmarketed for sale.