A newly formed joint venture aims to jolt the Triangle and Charlotte real estate markets with a $100 million infusion to spur residential and mixed-use land development.
Starwood Land Ventures of Bradenton, Fla., has partnered with Landquest Development of Raleigh to form LStar Land LLC. The partners’ strategy is to acquire finished home sites, purchase debt from lenders, forge equity partnerships and make loans to other local developers.
The deal is a sign that investors see opportunities in the regions’ weakened property markets as builders have slowed construction. A short supply of credit and a dearth of home buyers have combined to force some developers to delay or cancel projects or file for bankruptcy.
Mike Moser, East Region president of Starwood Land Ventures, says the partnership with Landquest is part of Starwood’s multimillion-dollar strategy to buy properties in areas of promising real estate growth.
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