The Real Deal Miami

Starwood acquires Tousa Florida land portfolio for $81M

February 25, 2010 03:55PM

Bankrupt home builder Tousa has closed on the sale of 5,449 residential lots and 36 model homes to Starwood Land Ventures, the Bradenton-based investment arm of Starwood Capital Group, which paid $81 million for the portfolio. Starwood won a January auction for the properties with a stalking horse bid, and won approval from a U.S. Bankruptcy Court late last month. Starwood, which now owns roughly 13,100 home sites in Florida, is calling the investment “the most highly sought-after portfolio of residential real estate in Florida since the economic downturn began.” It plans to start selling its new lots soon and said that it is already talking to home builders about contracts that would allow them to purchase sites and begin construction. Mike Moser, East Region president of Starwood Land Ventures, said in a statement that he expects those deals to close quickly, and that the properties have garnered the interest of nearly all major Florida home builders. TRD