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D.R. Horton Offers to Buy Forestar Development Firm for $520 Million

FORT WORTH – D.R. Horton Inc. has offered to buy a major stake in Austin-based land developer Forestar Group, which has communities in Houston, Dallas, Austin and other part of Texas.

In Houston, Forestar has owned positions in a number of major communities including: Barrington Kingwood, Southern Trails in Pearland, Long Meadow Farms in Fort Bend County, Harper’s Preserve and a number of other projects.

In a recent SEC filing, Forestar said it owns 2,000 developed lots in Houston, including the hundreds in the new City Park development near Highway 288 at Orem.

Fort Worth-based D.R. Horton, the nation’s largest home builder, announced Monday that it has offered to buy 75 percent of Forestar’s stock for $16.25 a share, or about $520 million. In April, Forestar had agreed to be bought by Starwood for $14.25 per share.

Forestar owns 4,400 acres in 10 states. In April and May, Forestar sold off 15,400 acres of timberland for $36 million.

D.R. Horton, which operates in 78 markets, closed 43,075 home sales for the 12-month period ending March 31.

June 5, 2017 Realty News Report Copyright 2017

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