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Joint Venture Will Acquire, Entitle and Develop Raw Land for New Homes IRVINE, Calif. – July 25, 2007 – Foremost Communities, Inc., a new residential land development company formed by building industry veteran Steve Cameron, and leading real estate investment firm Starwood Capital Group Global, L.L.C. have formed Forestar Land Partners, LLC, to purchase more than $250 million worth of land in Southern California over the next several years. Forestar Land Partners, LLC, plans to take advantage of current and future residential land opportunities by acquiring undeveloped property in strategic locations that can be entitled and developed into finished lots for sale to homebuilders. It is seeking parcels that can accommodate anywhere from 200 lots to large master plan communities. “Despite the current slow down, we are confident that the long-term housing fundamentals are good for Southern California,” said Cameron, President and CEO of Foremost Communities, Inc., which will acquire and manage the development projects. “Once housing prices begin to stabilize, we anticipate a resurgence in new home construction and builders with holes in their land inventory will look to us for property.” Because Forestar doesn’t own an existing inventory of over-priced land, it can focus entirely on the most advantageous land opportunities, he said. A controlled affiliate of Starwood Capital Group is providing an initial $100 million of equity that with modest leverage will provide the venture with the purchasing power of at least $250 million. “Our advantage is that we have the experience in this market to purchase the right parcels of land and the money lined up to do it quickly,” said Cameron, who has worked in the Southern California building industry for 16 years. Starwood Capital Group is one of the nation's most active and successful real estate investment firms, having acquired a highly diversified portfolio totaling more than $14.0 billion in real estate assets. The firm selected Foremost Communities as its partner in Southern California because of Cameron’s acumen, reputation and connections in the region’s real estate industry. “We believe that there will be tremendous opportunities for a well capitalized land development company in Southern California in the coming years, said Marc Perrin, Managing Director of Starwood Capital Group, “We are excited about continuing the relationship we had with Steve while he was at Fieldstone Communities.” Prior to founding Foremost, Cameron was the chief operating officer of Fieldstone Communities, a private homebuilder based in Newport Beach, Calif where he worked since 1990. He received an MBA from Northwestern University’s Kellogg Graduate School of management and is a past president of the Orange County Chapter of the Building Industry Association (BIA). About
Foremost Communities, Inc. About
Starwood Capital Group Global LLC
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