D.R. Horton, Inc. (DHI)

[PennyP1cker]

Forestar Group Inc. has sold $232 million of homes and land to the East Coast investment firm that had tried to acquire the Austin real estate company in 2017.

In a Thursday securities filing, Forestar said it offloaded 20 community development projects to an affiliate of Starwood Capital Group and an affiliate of Land Strategies Management.

The 20 community development projects total about 750 home lots that are developed or under development as well 4,000-plus undeveloped lots, plus 730 acres and an ownership stake in a multifamily property in Katy, Texas.

Connecticut-based Starwood was in a bidding war last year for Forestar (NYSE: FOR), but lost out to Dallas-based D.R. Horton Inc., the nation's largest homebuilder. The $560 million D.R. Horton deal closed on Oct. 5; it now owns a majority stake in Forestar.

Also on Thursday, D.R. Horton (NYSE: DHI) reported that Forestar generated about $30.8 million in revenue between the close of the deal and the end of 2017. Income before taxes was $4 million.

In 2007 Forestar was spun out of the now-defunct Temple-Inland Co. to handle a variety of operations and investments related to land banking, land development, groundwater rights and leasing, minerals and natural resources management and the oil and gas business.

But its mission shifted drastically over the years, and it sold off its oil-and-gas and multifamily divisions. It now focuses on land development for real estate projects and is active in 11 states.

Daniel Bartok took over as Forestar CEO in December, replacing Phillip Weber.