The joint venture between Madison Homes and BlackRock will provide equity capital for Madison’s development and homebuilding projects.
The Madison/BlackRock partnership has identified three projects since the partnership’s inception. The development opportunities are (1) Chesterbrook Manor – a 12 lot single family community in McLean, Virginia. The partnership has acquired this property and will start construction in the 2nd quarter of 2012. (2) Eleven Oaks – a 49 lot single family community in the City of Fairfax. The partnership is taking this property through the rezoning and engineering process. (3) Jordan Manor – a 28 unit townhouse community in Arlington County, Virginia. The partnership will acquire this property in the 2nd quarter of 2012.