Starwood Capital Group, a private investment firm focused on real estate and energy investments, announced that a controlled affiliate has acquired a majority interest in the assets owned by Land Tejas, a Houston-based residential development company.
“We are excited to partner with Starwood Capital to simplify our balance sheet and expand our growth potential with such a large investment firm specialized in real estate,” Al Brende, owner and co-founder of Land Tejas, says.
Founded in 1997, Land Tejas is one of the largest master-planned community developers in Houston. The acquisition encompasses 10 communities, many in the late stages of development, with nearly 16,000 residential lots and numerous commercial assets. According to Starwood Capital, Land Tejas has become renowned for its community amenities that include Crystal Lagoon pools spanning multiple acres with white sand beaches.
“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,” says Mike Moser, CEO of Starwood Land Advisors. “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.”
Anthony Murphy, vice president at Starwood Capital, says the Land Tejas acquisition fits Starwood’s “strong risk reward investments” strategy and presents a “unique opportunity to capitalize on the compelling fundamentals of the single-family housing sector.”
