Forestar Group Inc. appears to be warming up to a proposal by Fort Worth-based D.R. Horton Inc. (NYSE: DHI) to buy 75 percent of the company for about $520 million.

The Austin-based real estate company said Thursday in a securities filing that its directors believe the D.R. Horton bid of $16.25 per share could lead to a “superior proposal,” and will give it serious consideration versus a previous offer by Starwood Capital Group to buy out the entire business.

That means Forestar’s directors can…