Starwood Land Ventures Acquires Summerlake Project in Orlando

BRADENTON, Fla., Jan. 31, 2011 /PRNewswire/ -- Starwood Land Ventures (Starwood), a Bradenton, Florida-based residential real estate investment firm, announced it recently purchased the 1,500 unit master-planned community of Summerlake, which includes over 400 developed lots and 13 completed homes, for more than $27 million. Starwood plans to break ground on the resort-style amenities this year and make other improvements for the community.

"Summerlake is an integral part of Orange County's Horizons West master plan," said Mike Moser, Starwood Land Ventures' east region president. "We are investing in high quality real estate in the best submarket in Central Florida. We plan to strategically select top builders that will enhance the community's lifestyle and charm and provide high quality residences for our future homeowners."

Summerlake is a 557-acre property located 1.5 miles north of the Disney property and 17 miles Northwest of the Orlando International Airport. The community has more than 1,500 home sites approved for development with nearly 450 of them being fully developed and 30 homes completed. When homebuilding commences later this year, home prices are expected to start in the high $100,000's. Eventually more than 3,000 Summerlake residents will enjoy the high-end resort-style recreational facility, clubhouse, pools and tennis courts expected to open in 2012.

Last year, Starwood purchased Independence, the master planned development community directly north of Summerlake, and has already sold more than 200 home sites to four separate builders.

More information about Starwood Land Ventures is available online at www.starwoodland.com.

About Starwood Land Ventures, LLC

Starwood Land Ventures is a Bradenton, Fla., based residential real estate investment firm focused on land acquisition, development and financing nationwide. The firm is primarily funded by an affiliate of Greenwich, Conn. based Starwood Capital Group Global (www.starwoodcapital.com), a privately held international real estate investment firm founded in 1991. Starwood Land partners with builders, developers, lenders and landholders and provides creative solutions to recapitalize assets with both debt and equity. The firm also purchases debt and specializes in the acquisition, entitlement and development of large, master-planned communities, which may include mixed-use components.

For more information about Starwood Land, visit www.starwoodland.com .

SOURCE Starwood Land Ventures, LLC