LOS ANGELES, CA--(Marketwired - Oct 27, 2014) - Forestar Land Partners II, LLC, a venture between Foremost Communities and a Starwood Capital Group Global, LP controlled affiliate, has purchased a 230-acre hillside property called Deerlake Ranch in an affluent neighborhood in the northwest region of the San Fernando Valley region of the County of Los Angeles. Revenue from the sale of the 314 upscale homes at Deerlake is expected to approach $500 million.
"Deerlake Ranch will be an exclusive enclave with residential lots ranging from 5,000 square feet to half an acre, a resort-quality pool complex and spectacular views from almost every lot in this foothill community," said Steve Cameron , president of Foremost, one of the most active land buyers in Southern California. "It will add a new housing option in a submarket starved for luxury home supply."
"Deerlake Ranch is one of the only major remaining single-family development parcels in the San Fernando Valley, which was largely built out from the 1950s to the early 2000s," Cameron said. "As the valley approaches full build-out, Deerlake Ranch will stand as one of the last opportunities to purchase a new upscale home in the area."
The community will provide a rural environment in an area the Los Angeles Times has called "a calm outpost of Los Angeles." About 73 acres of land will be set aside as open space, and the property will be laced with multi-use and equestrian trails that link to an existing network surrounding the area. Two of Deerlake Ranch's four neighborhoods will be private and equestrian-oriented with guarded gates.
Just north of the 118 Freeway and 7.6 miles west of Interstate 405, Deerlake Ranch has excellent access to Southern California's major employment centers.
The seller of the property was Presidio Chatsworth Partners, LLC. Terry Ruckle, Randy Coe, Richard Byrd, and Tim Barden of the California division of Land Advisors Organization were the brokers for the transaction.
About Foremost Communities, Inc.
Foremost Communities, Inc. is a premier residential land investment company based in Newport Beach, Calif., established to acquire property in strategic locations that can be entitled into finished lots for sale to merchant homebuilders. In addition, the firm partners with other land developers and will provide both equity and debt to recapitalize existing projects. Founded in 2007, Foremost is actively pursuing new land acquisition opportunities throughout the state. For more information, visit www.foremostcommunities.com
About Starwood Capital Group Global, LP
Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group's inception in 1991, the firm has raised nearly $24 billion of equity capital and acquired over $50 billion in assets. Starwood Capital Group currently has $34 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., Los Angeles, Chicago and Miami, and affiliated offices in London, Luxembourg, Paris, Frankfurt and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at www.starwoodcapital.com .
