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An affiliate of Miami-based Starwood Capital Group acquired a majority of Houston-based residential developer Land Tejas.
Land Tejas currently has 10 communities in suburban Houston, with more set to open this year, including Cypress Green in Hockley, northwest of Houston. Additionally, the company owns two lagoon resorts, one in Humble and the other near Texas City, with a third coming to Sierra Vista in Rosharon, south of Houston.
The 20-year-old company now owns 16,000 residential lots in these properties, alongside commercial developments.
"This transaction represents a tremendous opportunity to acquire a high-quality portfolio of mature residential communities built by a first-class developer in a leading growth market," Starwood Land Advisors CEO Mike Moser said in a release. "These communities are located in desirable submarkets and offer affordable price points that target the entry-level and move-up segments where there is the greatest buyer demand."
Starwood Capital has international offices and focuses on real estate, energy infrastructure as well as oil and gas.
"The acquisition of Land Tejas fits Starwood's strategy of strong risk reward investments and presents a unique opportunity to capitalize on the compelling fundamentals of the single-family housing sector," Starwood Capital Vice President Anthony Murphy said in the same release. "We are excited to grow the business further under the leadership of our team at Starwood Land Advisors."
The terms of the deal were not disclosed.
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