Houston-based real estate developer Hines sold seven master-planned communities across Dallas-Fort Worth as part of an $800 million deal.
Hines sold the properties to Miami-based investment firm Starwood Capital Group and an affiliate of Land Strategies Management (DBA Starwood Land). The deal was announced Friday.
The transaction involved 11 communities with more than 16,000 remaining residential lots and over 600 acres of commercial land. The remaining four neighborhoods are located in the Houston and Austin areas.
The seven D-FW communities are spread across Collin, Denton, Ellis and Tarrant counties. They are in “advanced stages of development,” according to a news release.
The communities are:
- Wildflower Ranch, north of Fort Worth, is expected to have over 3,000 homes and a lazy river water feature. Announced by Hines in 2020, homes range from the $300,000s to $700,000s. Builders include Beazer Homes, Bloomfield Homes, Brightland Homes, Highland Homes, Lennar, Toll Brothers, Coventry Homes and William Ryan Homes, according to the development’s website.
- Creekside, a 287-acre development in Royse City.
- Aster Park, a 414-acre gated community in McKinney. Announced by Hines in 2022, the community is expected to have 1,110 homes.
- Northspur, a 700-acre community in Terrell. Construction began last year. Roughly 1,500 homes are expected to be built.
- Myrtle Creek, a 1,263-acre development in Waxahachie.
- Furst Ranch, a more than 1,000-acre development near Flower Mound. Initial plans call for more than 1,300 homes ranging from roughly $800,000 to more than $2.5 million. Hines acquired the first 90 acres for the development in August. The Flower Mound Town Council approved the project in 2022. Future phases of the development may include 5,000 multifamily units, 3,000 single-family homes and 1,000 residences for seniors. There’s also room for 6 million to 8 million square feet of commercial space, including retail and office.
- Redden Farms, a 251-acre development in Midlothian.
Additional involved partners with Hines include Trez Capital — a partner on nine of the communities — as well as Caravel Ventures, Bloomfield Homes, Sumitomo Forestry America, Estein USA, and GMcivil.
“This transaction showcases the deep investment appetite for well-located, master-planned communities that deliver much-needed housing to high-growth markets, and capitalizing on tailwinds in the living sector,” Ray Lawler, managing partner, Head of Americas at Hines, said in a statement.
Mike Moser, CEO of Starwood Land, said the firms “plan to build upon the excellent work Hines has completed to-date and bring the development vision for these communities to fruition.”
Since forming in 1991, Starwood Capital Group has raised over $80 billion of capital.
