Starwood Capital Group to acquire Forestar Group
Affiliates of Starwood Capital Group have agreed to acquire Austin-based Forestar Group, a residential and mixed-use real estate development company, for $605 million.
Forestar Group’s board of directors has unanimously approved the merger agreement and has recommended approval of the merger by the firm’s stockholders. The transaction is expected to close in the third quarter.
Forestar Group maintains direct ownership or joint venture interests in a portfolio of 50 residential and mixed-use projects comprising approximately 4,600 acres of real estate located in 10 states.