Core Insights - A joint venture between Starwood Capital Group and Land Strategies Management has acquired a portfolio of master-planned communities in Texas for approximately $800 million [1][2] Company Overview - Starwood Capital Group is a global private investment firm focused on real estate, with over $115 billion in assets under management and has raised over $80 billion since its inception in 1991 [4] - Hines is a leading global real estate investment manager, owning and operating $90.1 billion in assets across various property types [5][6] Acquisition Details - The acquisition includes 11 master-planned communities in advanced stages of development, featuring over 16,000 residential lots and over 600 acres of commercial land in Dallas, Houston, and Austin [2] - The communities are situated in high-growth submarkets with a strong track record of homebuilder activity, indicating a favorable investment environment [2][3] Strategic Intent - Starwood Capital aims to capitalize on long-term residential land fundamentals by acquiring well-located master-planned communities [3] - The investment is seen as a rare opportunity to acquire mature communities with substantial infrastructure completed and active lot sales to over 30 homebuilders [3] Market Context - The transaction highlights the strong investment appetite for master-planned communities that provide essential housing in high-growth markets [3] - The living sector, particularly single-family housing, is identified as a high-conviction investment theme for Hines globally [3]