Starwood Investing 100 Million in Raleigh and Charlotte Real Estate Markets
The Raleigh Durham Triangle region and Charlotte are going to see a nice liquidity bumpy by a partnership between Starwood Land Ventures and Landquest Development. The partnership is looking to buy up at least 100 million dollars worth of property from developers and lenders who are facing the present credit crunch.
Starwood’s corporate parent has set up a 1.5 billion dollar fund to make purchases like this across the country.
We are definitely in a time where cash is king, and it looks like Starwood is spending some of their cash in the real estate market.
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. via Triangle Business Journal:.
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