July 6, 2011
Morgan Stanley Real Estate Investing and NVR Acquire Residential Land Portfolio in Washington, D.C. Metropolitan Area
By Josh Nichols
New York, NY – Morgan Stanley Real Estate Investing (MSREI) and NVR, Inc. partnered to acquire approximately 5,600 fully entitled residential lots across nine master-planned communities in the Washington, D.C. metropolitan area. CoastOak Group manages day-to-day operations for the venture.
John Klopp, Co-CEO and Co-CIO of MSREI, stated: "We are delighted to have completed the acquisition of this strategic land portfolio in partnership with NVR, a best-in-class homebuilder."
About MSREI: Global real estate arm of Morgan Stanley, established in the early 1990s, managing over $175 billion in assets across 36 countries.
About NVR: Operates homebuilding (Ryan Homes, NVHomes, Rymarc, Fox Ridge) and mortgage banking in 25 metropolitan areas.
About CoastOak: Real estate development company operating 15,000+ lots across ten U.S. markets.
Source: Morgan Stanley