GlobeSt.com: Pritzker, Bozzuto Join for $75M Apartment Venture
July 28, 2010
CHICAGO-Pritzker Realty Group, based here, and Greenbelt, MD-based Bozzuto Group have formed a joint venture to develop and buy apartments in the Northeast and Mid-Atlantic regions. The initial investment is $75 million.
The venture has already been working to line up property, primarily class A buildings for purchase and mixed-use, transit-orientated sites for development, says Tom Bozzuto, CEO. “We have four-to-five properties in our pipeline that we will soon be able to identify,” he says.
A specific focus will be on the Washington, DC-Baltimore area, says Bozzuto. “The fundamentals in the greater Washington area have improved dramatically over the past 15 months, and we expect them to continue to improve,” he tells GlobeSt.com.
He says there are a few reasons why now is a good time to invest in multifamily property. “The generation “y” population group working its way through school today is extraordinarily large. Also, it’s going to be harder for awhile to buy a home, and we expect people will rent longer than before. At the same time, there has not been a lot of new apartment buildings added in our marketplace,” Bozzuto says.