Joint venture to invest in residential properties
A joint venture created by Charlotte, N.C.-based Mountain Real Estate Capital and Herndon-based Lansdowne Development Group plans to acquire and develop $50 million to $100 million of residential land in Virginia and the Washington D.C., area.
The joint venture already has acquired two projects. One is Shenandoah, a 1,850-unit lakefront community located on Lake Fredrick in the Winchester area. The other is Leesburg Crossing, a 40-acre site in Leesburg. Lansdowne Development is working with Leesburg officials on a development plan that will include several hundred townhomes.
During the past three years, Mountain Real Estate Capital has completed similar investments with homebuilders and developers in Florida, Colorado, California, North Carolina, Texas, Virginia and Wisconsin.
Overall, Mountain Real Estate Capital has closed deals in 16 states and has 14 operating partners like Lansdowne Development around the country.
Since 2010, Mountain Real Estate Capital has acquired more than 36,000 lot/homes and another 9,000 developable acres, deploying approximately $600 million of equity investment.
During the past 40 years, Lansdowne Development has acquired and developed more than 20,000 residential lots and 14 million square feet of non-residential space. The company’s portfolio includes mixed-use, residential, commercial and retail properties.