- What Hines has sold 11 master-planned communities in Texas to Starwood Capital Group
- Why The properties are in high-growth submarkets
- What next Starwood will continue to develop the projects
Houston-based real estate investment manager Hines has sold 11 master-planned communities under development in Texas for $1.14bn.
The buyer is a joint venture between Starwood Capital Group and an affiliate of Land Strategies Management.
Trez Capital partnered with Hines on nine of the projects, all of which are in advanced stages of development. Other partners include Bloomfield Homes, Caravel Ventures, GMcivil and Sumitomo Forestry.
The properties, in high-growth submarkets of Dallas, Houston and Austin, contain more than 16,000 remaining lots and more than 600 acres of commercial land.
In Dallas, the projects are: Aster Park, Creekside, Furst Ranch, Myrtle Creek, Northspur, Redden Farms and Wildflower Ranch; in Houston: Brookewater, Creekhaven and Wildrye; and in Austin: Mirador.
“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,” Starwood Land chief executive Mike Moser said. “We look forward to engaging with homebuilders to expand the communities’ offerings.”
