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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges $174 Million Sale of Suburban Washington DC Land Portfolio |
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Thursday, June 16, 2011
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Vienna, VA
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On behalf of Greenvest LC, Cushman & Wakefield Sonnenblick Goldman completed the $174 million sale of 5,800 homebuilding lots located throughout suburban Washington DC, to a joint venture comprised of Morgan Stanley Real Estate and NVR, Inc.
Cushman & Wakefield Sonnenblick Goldman executives Richard Swartz and Jay Wagner, in concert with Associate Christopher Moyer – exclusively represented the seller and procured the buyers in the transaction. The sale is the largest single acquisition of homebuilding lots from a private seller in the US since the economic downturn in 2008.
The portfolio, the largest block of privately held inventory (ie non-home builder owned) in the Washington DC market, comprises a diversified blend of finished and unfinished lots, at varying price points, in several established and emerging residential developments. The portfolio is further geographically diversified between Loudoun, Prince Georges, and Spotsylvania Counties and the cities of Fredericksburg, VA and Charles Town, WV.
“This transaction presented a unique opportunity for an investor to stake out a strategic position in the vibrant Washington DC Metro housing market,” noted Richard Swartz, Executive Vice President and head of Cushman & Wakefield Sonnenblick Goldman’s Boston office. “These assets are well positioned to capture the upside as home sale velocity and pricing increases in this rebounding market,” added Senior Director Jay Wagner. |
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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