Starwood Land Ventures, an affiliate of the private equity real estate firm, Starwood Capital Group, has bought a large portfolio of residential land in the US as it continues to target residential land opportunities in the country.
The latest deal, totaling 2,500 home sites, included land in Arizona, California and Florida, markets which have all experienced high demand for housing, according to Starwood, and which are now feeling the impact of the credit crunch.
The acquisition follows on from Starwood Land’s $150 million joint venture with Houston developer Riverway Properties, called RiverStar Capital, in June. The JV targets residential land developments and homebuilders in Houston. Starwood said at the time the current credit climate was creating opportunities for private equity real estate firms to acquire residential developments as well as provide equity and loans to developers, and purchase debt from lenders.
Starwood Land, primarily funded by Starwood Capital, focuses on US land acquisition, development and financing.