A joint venture between an affiliate of Starwood Capital Group and an affiliate of Land Strategies Management (dba Starwood Land) has completed an $800 million acquisition of a portfolio of master-planned communities in Texas from Hines, the real estate investment manager.
The acquired portfolio encompasses 11 master-planned communities in advanced stages of development, with more than 16,000 remaining residential lots and over 600 acres of commercial land across Austin, Dallas, and Houston. Additional involved partners with Hines include Trez Capital, which is a partner on nine of the communities
“This is a high-quality portfolio created by a first-class investment manager and developer, and we plan to build upon the excellent work Hines has completed to-date and bring the development vision for these communities to fruition,” said Mike Moser, CEO of Starwood Land. “We look forward to engaging with homebuilders to expand the communities’ offerings.”
