Trez Capital and Hines Sale of Texas Master-Planned Communities Portfolio to Starwood Capital Group

Deal value: $1.2 Billion

Sale of a portfolio of 11 master-planned communities in Dallas, Houston, and Austin metros, totaling 16,000 residential lots and 600 acres of commercial land. Projects developed in partnership between Trez Capital and Hines, with joint ventures involving Caravel Ventures, Bloomfield Homes, Sumitomo Forestry, and GMcivil.

The core investment motivation is to capitalize on strong demographic and economic growth in Texas’s major metros, where demand for housing and commercial land remains robust. Starwood Capital is acquiring a large, mature portfolio with substantial infrastructure already completed, enabling immediate lot sales and development. The strategic purpose is to gain scale in high-growth markets, address housing shortages, and leverage long-term fundamentals in residential land and master-planned communities.