NEW YORK, NY, July 5, 2011--(BUSINESS WIRE)--Morgan Stanley Real Estate Investing (MSREI) announced today the acquisition of a land portfolio comprised of approximately 5,600 fully entitled residential lots in nine separate master planned communities located in the Washington, D.C. metropolitan area. The portfolio was acquired in partnership with NVR, Inc. (NVR). CoastOak Group will manage the day-to-day operations of the portfolio on behalf of the MSREI/NVR venture.
“We are delighted to have completed the acquisition of this strategic land portfolio in partnership with NVR, a best-in-class homebuilder,” said John R. Klopp (top right photo), Co-Chief Executive Officer and Co-Chief Investment Officer of MSREI.
“The purchase provides our partnership with a sizeable portfolio of well-located residential lots in the Washington, D.C. area, one of the strongest and most supply-constrained residential markets in the United States.”
Morgan Stanley Real Estate Investing (MSREI) is the global real estate investment management arm of Morgan Stanley. Established in the early 1990s, MSREI has been one of the most active real estate investors for two decades, acquiring over $175 billion of assets in 36 countries.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries.
For further information about Morgan Stanley, please visit www.morganstanley.com
.
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding unit sells and builds homes under the Ryan Homes, NVHomes, Rymarc Homes and Fox Ridge Homes trade names, and operates in twenty-five metropolitan areas in fourteen states.
For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com, www.foxridgehomes.com, and www.rymarc.com.
CoastOak Group is a real estate development company that creates and operates unique and market-leading residential and mixed-use communities. CoastOak currently operates communities with over 15,000 lots in ten distinct markets throughout the United States.
Contacts: Media Relations, Matt Burkhard, Morgan Stanley, 212 761 2444
No comments:
Post a Comment