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Starwood Capital Group gets residential, commercial real estate portfolio from Forestar Group.

M2 EQUITYBITES-February 14, 2018-Starwood Capital Group gets residential, commercial real estate portfolio from Forestar Group

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A joint venture between an affiliate of Starwood Capital Group, a global private investment firm, and an affiliate of Land Strategies Management (DBA Starwood Land Advisors), has announced that it has acquired a diverse portfolio of residential and commercial real estate assets concentrated in high-growth markets throughout Texas, the Southeast and the Western United States, the company said.

The venture acquired equity interests in the portfolio from Forestar Group (NYSE: FOR) for USD 232 million.

The acquired portfolio is primarily comprised of nearly 4,800 fully entitled residential lots spread across 20 projects in a majority of the top homebuilding markets in the United States including Dallas, Austin, San Antonio, Houston, Charlotte, Nashville, Raleigh, and Denver. The acquisition further included a joint venture interest in an existing multifamily community located in Katy, TX, additional commercial land within six distinct projects, and 730 acres of unentitled land in Southern California. Land Strategies Management will manage the assets on behalf of the joint venture.

Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 10 offices in four countries around the world, and currently have approximately 3,700 employees. Starwood Capital Group has raised USD 44 billion of equity capital since its inception in 1991, and currently manages approximately USD 56 billion in assets. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 26 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com.

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Publication:M2 EquityBites (EQB)
Geographic Code:1U7TX
Date:Feb 14, 2018
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