Forestar Partners with Guggenheim on Multifamily Venture in Denver
AUSTIN, Texas--(BUSINESS WIRE)-- Forestar Group Inc. (FOR) today announced it has formed a multifamily venture with Guggenheim Real Estate, LLC for development of a luxury multifamily community located in Denver, Colorado. The project, to be called 360°, will be located in the southeast business corridor of Metro Denver within the Denver Tech Center market.
Forestar continues to build momentum in our multifamily business by leveraging our experienced team and resources with outstanding partners to create value for our investors, shareholders, partners and community stakeholders, noted Jim DeCosmo, President and Chief Executive Office of Forestar. 360° is Forestars third new development community this year, including the opening of Promesa and the groundbreaking of Eleven, both located in Austin, TX.
We are extremely pleased to partner with Guggenheim, and look forward to working together with them to deliver a successful community and profitable investment, said Tom Etheredge, Executive Vice President Multifamily Operations. The 360° site is exceptionally located within an overall Denver market that currently exhibits attractive supply and demand fundamentals.
360° will consist of 304 units in two four-story buildings which wrap a six-story parking structure and will feature stunning views of the Rocky Mountains including Pikes Peak. The community will be located in the Greenwood Plaza Business Park, the fifth largest business park in Metro Denver and will be only a few blocks from the Arapahoe Light Rail station, providing easy access to downtown Denver and a wide range of shopping, dining and other activities. Individual units will be available in a variety of studio, one and two-bedroom floor plans, each featuring modern, high quality interior finishes. Common-area amenities will include a rooftop deck, a resort-style pool, grilling areas, outdoor living areas, an upscale clubhouse, executive business center, and state-of-the-art fitness facilities. 360° will embrace responsible apartment living and has been designed to obtain Energy Star certification.
JG Johnson Architects, an award-winning architectural firm based in Denver, Colorado, completed the architectural and interior design. Groundbreaking on the site is anticipated to occur within 30 days.
About Forestar Group
Forestar Group Inc. operates in three business segments: mineral resources, real estate and fiber resources. At the end of the first quarter 2012, the real estate segment owns directly or through ventures over 146,000 acres of real estate located in nine states and twelve markets in the U.S. The real estate segment has 16 real estate projects representing approximately 27,600 acres currently in the entitlement process, and 73 entitled, developed and under development projects in seven states and eleven markets encompassing over 16,000 acres, comprised of almost 27,000 residential lots and over 2,400 commercial acres. The mineral resources segment manages approximately 594,000 net acres of oil and gas mineral interests located principally in Texas, Louisiana, Alabama, and Georgia. Also included in the mineral resources segment is a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.4 million acres in Texas, Louisiana, Georgia and Alabama and about 17,800 acres of groundwater leases in central Texas. The fiber resources segment includes the sale of wood fiber and management of our recreational leases. Forestars address on the World Wide Web is www.forestargroup.com.
About Guggenheim Real Estate LLC
Guggenheim Real Estate LLC manages an open-end diversified real estate portfolio. Guggenheim Real Estate LLC is a dedicated real estate investment manager with offices in New York, Boston, Chapel Hill, Charlotte and Santa Monica that provides investors with a diversified core-plus real estate portfolio across a wide spectrum of the real estate market, including REITs, direct properties, mezzanine debt and private funds.
This release contains "forward-looking statements" within the meaning of the federal securities laws. These statements reflect management's current views with respect to future events and are subject to risk and uncertainties. We note that a variety of factors and uncertainties could cause our actual results to differ significantly from the results discussed in the forward-looking statements. Factors and uncertainties that might cause such differences include, but are not limited to: general economic, market, or business conditions; the opportunities (or lack thereof) that may be presented to us and that we may pursue; fluctuations in costs and expenses including development costs; demand for new housing, including impacts from mortgage credit availability; lengthy and uncertain entitlement processes; cyclicality of our businesses; accuracy of accounting assumptions; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond our control. Except as required by law, we expressly disclaim any obligation to publicly revise any forward-looking statements contained in this news release to reflect the occurrence of events after the date of this news release.
Anna E. Torma, 512-433-5312
Source: Forestar Group Inc.Copyright Business Wire 2012