Local firm buys Starwood assets

Feb. 26--LAKEWOOD RANCH -- A local real-estate investment firm said Thursday it has completed its purchase of thousands of home lots and dozens of model homes from a bankrupt Florida builder. Starwood Land Ventures LLC closed on its $81 million acquisition of TOUSA Inc.'s Florida assets, including 5,449 undeveloped residential lots and 36 model homes, earlier this month. Starwood, a joint venture primarily funded by investment house Starwood Capital Group Global, outbid two other groups in a Fort Lauderdale bankruptcy court auction for the builder's Florida holdings. Those holdings primarily are in the Jacksonville, Miami/Fort Lauderdale, Orlando and Tampa markets; none are in Manatee or Sarasota counties.

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