Dallas, TX – CoastOak Group announced the purchase of Greenbelt Station, a transit-oriented residential development planned for approximately 800 townhomes, condominiums and apartments within the I-495 Capital Beltway in Greenbelt, Maryland. The project management responsibility fell to Woodlawn Development Group, CoastOak's local development platform formed in partnership with NVR, Inc. and Morgan Stanley Real Estate Investing (MSREI) in June 2011.
Woodlawn would proceed with completing development on the Greenbelt Station community, which had remained stalled since 2008. The development offers residential options within walking distance to the Greenbelt Metro and MARC station, with convenient access to major highways including the Capital Beltway, Baltimore-Washington Parkway, and I-95. The site adjoins the Greenbelt Metro Station development location that received endorsement from Prince Georges County officials for the new FBI headquarters. Sales of new townhomes were expected to begin later that year through Ryan Homes and NV Homes partnerships.
Don Carroll, Managing Principal of CoastOak Group, stated: "We are very excited to revive Greenbelt Station. Its proximity to the Metro and MARC will provide residents with superior transportation access."
Through Woodlawn, CoastOak manages approximately 1,800 residential lots in Loudoun County, Virginia and over 1,500 lots in Prince Georges County, Maryland.