Starwood Capital Group is exiting TRI Pointe Group Inc. with the sale of 12 million shares, or 7.5% of the Irvine-based homebuilder.
Starwood Capital, whose chairman is Barry Sternlicht, won’t own any shares after the sale. It was an original investor in TRI Pointe, which won’t receive proceeds from the sale. The sale is being made by Starwood Capital affiliate VIII/TPC Holdings L.L.C., according to a filing late Friday.
TRI Pointe oversees a family of regional homebuilders and ranked No. 1 on the most recent Business Journal list of the fastest-growing large public companies in Orange County. In 2014, it bought the homebuilding division of timber conglomerate Weyerhaeuser Co. in a $2.8 billion cash-and-stock deal.
TRI Pointe went public in January 2013 and traded recently at a $2 billion market cap.