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A joint venture between an affiliate of Starwood Capital Group, a global private investment firm with a primary focus on real estate, and an affiliate of Land Strategies Management (DBA Starwood Land), has completed the acquisition of a portfolio of master-planned communities in Texas from Hines for approximately $800 million.

The acquisition comprises 11 master-planned communities that are in advanced stages of development, with more than 16,000 remaining residential lots and more than 600 acres of commercial land, across three of the 10 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.