CoastOak Group announced today the acquisition of the Oak Creek Club, located in Upper Marlboro, MD, and the only gated golf course community in Prince George’s County. 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.
With the support and resources of new ownership, CoastOak and Woodlawn will immediately begin a significant improvement program to re-establish Oak Creek Club as a top golf community in the Washington D.C. metropolitan area. The new ownership team will make substantial investments across the 923 acres and address various deferred maintenance items. Toll Golf will own and manage the golf course and will run an equally ambitious renovation process, including the construction of a new state-of-the-art, service-oriented golf club house.
New home sales are scheduled to commence later this year led by Ryan Homes, NV Homes and Toll Brothers. Upon completion, the community will contain over 1,100 new homes.
“We are very excited to restore Oak Creek Club as one of the premier places to live in Prince George’s County. Our partners NV Homes, Ryan Homes and Toll Brothers will re-launch sales in the near future, and I expect demand to be high for this terrifically-located, amenity-rich gated golf community,” said Josh Nichols, Principal of CoastOak Group. “This was a complicated transaction involving many stakeholders, and we appreciate the support of everyone who helped bring this to fruition.”
Through the Woodlawn platform, CoastOak is one of the most active developers in the Washington, D.C. metropolitan area with approximately 1,800 residential lots under development in Loudoun County, Va. along with over 1,000 lots in Prince Georges County.