In March of 2007, Easlan Capital of Atlanta, Inc. presented an apartment development package to the Atlanta office of Morgan Stanley for the purpose of raising equity to develop 1500 apartment units across the Southeast. Morgan Stanley informed Easlan at that time that they were creating a fund to invest in the multifamily new development market for its investors and that Easlan would be a logical candidate to become their first multifamily development partner in the southeast.
On June 12, 2007 MS approved approximately 40 million to invest in Fund I. The objective of the fund is to pursue the development of multifamily garden style apartments located in strong growth markets such as Atlanta, Charlotte, Greenville, Savannah, and Mobile. The total construction value is estimated at $160 Million
Easlan will be the development partner completing all due diligence and development of the project including construction and management. Easlan Capital will use Easlan Construction or other general contractors for the construction of each project and Easlan Management will be responsible for lease up and ongoing management
It is the intention of the partners to establish a long term relationship and continue with the creation of multiple funds as the markets will allow.