Starwood Capital Group acquires 11 master-planned communities in Texas

A joint venture between an affiliate of Starwood Capital Group and an affiliate of Land Strategies Management, announced that it has completed the acquisition of a portfolio of master-planned communities in Texas from Hines, a global real estate investment manager, for approximately $800M. The acquisition comprises 11 master-planned communities that are in advanced stages of development, with more than 16,000 remaining residential lots and over 600 acres of commercial land, across three of the ten largest U.S. new home markets: Dallas, Houston, and Austin. The communities are all located in high-growth submarkets with established track records of strong homebuilder activity. The developments include: Dallas – Wildflower Ranch, Creekside, Aster Park, Northspur, Myrtle Creek, Furst Ranch, and Redden Farms; Houston – Brookewater, Creekhaven, and Wildrye; Austin – Mirador.