Forestar Group Inc. (FOR) and Guggenheim Real Estate have formed a multifamily venture to develop a luxury multifamily community located in Denver.

The project, which will be called 360°, is expected to be located in the southeast business corridor of Metro Denver within the Denver Tech Center market.

Austin-based Forestar, a firm that invests in natural resources and land, says 360° is its third development this year. Forestar already celebrated the groundbreaking of two new communities in Austin called Promesa and Eleven.

"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," said Jim DeCosmo, president and chief executive officer of Forestar.

Denver was selected for the site due to its current supply-and-demand variables, the firm said.

The development will include 304 housing units in two, four-story buildings.  Residents also will have scenic views of the Rocky Mountains.

The 360° community is located in the Greenwood Plaza Business Park, the fifth largest park in the metro Denver area.