Miami-based Starwood Capital Group has purchased 11 master-planned communities throughout North Texas, including seven in DFW, from Houston-based real estate developer Hines.
The purchase was a joint venture between Starwood and Starwood Land, an affiliate of Land Strategies Management. The $800 million transaction purchased 11 communities “in advanced stages of development,” with roughly 16,000 residential lots spread across 600 acres.
“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,” Mike Moser, CEO of Starwood Land, said in an April 4 press release. “We look forward to engaging with homebuilders to expand the communities’ offerings.”
Anthony Murphy, Managing Director at Starwood Capital, said the investment “presents a rare opportunity” for the private equity firm to secure a significant number “of mature communities with major infrastructure substantially completed and active lot sales to over 30 homebuilders.”
The seven communities acquired in Dallas-Fort Worth are:
- Aster Park: This gated community in McKinney will cover 414 acres and welcome 1,100 homes.
- Northspur: At full buildout, Northspur in Terrell could include 1,500 homes across the 700-acre community. The first phase is expected to see the construction of 230 homes.
- Wildflower Ranch: This northwest Fort Worth community is expected to contain 3,300 homes over 1,100 acres. The best part? The development will include a lazy river. Builders include Lennar Homes, Bloomfield Homes, Beazer Homes, Gehan Homes, Highland Homes, and Toll Brothers.
- Furst Ranch: Located in Denton County, Furst Ranch is expected to include 1,300 homes with prices starting around $800,000 and going up to $2.5 million. Homebuilders include Drees Homes, Highland Homes, Partners in Building, Coventry Homes, David Weekley Homes, Shaddock Homes, and Tradition Homes.
- Creekside: The 287-acre development in Royse City will include a resort-style pool with a splash pad, a playground, a dog park, and more. Builders include Gehan Homes, Trophy Signature Homes, and Highland Homes.
- Myrtle Creek: Wildflower Ranch is not the only new development getting a lazy river. Myrtle Creek in Waxahachie will also boast the unique water feature in the 1,263-acre community.
- Redden Farms: This 251-acre community in Midlothian, in Ellis County, plans to designate a portion of homes to residents 55 and up, with Impression Homes named as the builder.