CoastOak Group announced today the acquisition of Greenbelt Station, a premier transit-oriented residential community planned for almost 800 townhomes, condominiums and apartments, located inside the I-495 Capital Beltway in Greenbelt, MD. The project will be managed by CoastOak’s local development platform, Woodlawn Development Group, which CoastOak formed with NVR, Inc. and Morgan Stanley Real Estate Investing (MSREI) in June 2011.
Woodlawn will immediately begin to complete development of the Greenbelt Station community, which has been stalled since 2008, to provide a range of quality housing alternatives within walking distance of the Greenbelt Metro and MARC station with convenient access to the Capital Beltway, the Baltimore-Washington Parkway and I-95. The community is adjacent to the Greenbelt Metro Station development site that was recently endorsed by Prince Georges County officials for the new FBI headquarters. New townhome sales are scheduled to commence later this year led by Ryan Homes and NV Homes.
“We are very excited to revive Greenbelt Station. Its proximity to the Metro and MARC will provide residents with superior transportation access, and NV Homes and Ryan Homes are great partners in our effort to create a distinctive community,” said Don Carroll, Managing Principal of CoastOak Group. “This acquisition is our third major collaboration with NVR and Morgan Stanley Real Estate, and we are very excited to continue to grow our partnership.”
Through the Woodlawn platform, CoastOak has become one of the most active developers in the Washington, DC metropolitan area with approximately 1,800 residential lots under development in Loudoun County, VA along with over 1,500 lots in Prince Georges County, MD.