Morgan Stanley Real Estate Investing (MSREI) and NVR have partnered to buy a land portfolio in Washington DC, The Wall Street Journal reports. The joint venture paid about $180 million to Virginia-based Greenvest for the acquisition.
Texas-based developer CoastOak Group will manage the daily operations of the portfolio on behalf of the buyers, adds Builder Magazine. Greenvest is a privately held real estate investment, land development and asset management organization.
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