The Bozzuto Group Completes Purchase of Two Maryland Apartment Communities
May 31, 2006
Greenbelt , MD - May 31, 2006 - The Bozzuto Group has completed the purchase of two apartment communities, representing 982 total units, for a total purchase price of $86 million. Located in Laurel, Maryland, the two garden-style communities are located adjacent to one another at the intersection of Contee Road and 197. Laurel Square encompasses 420 units on 19.3 acres; Towne Center includes 562 units on 25.8 acres.
The seller was the RIMSI Corp. Representatives of Vanguard Realty brokered the transaction; Maury Zanoff and Joseph Donato of CBRE/Melody arranged financing through Hypo Real Estate International.
This acquisition is the third major transaction by the company in four months. The Bozzuto Group acquired a portfolio of 1,188 units in four communities in May and completed the purchase of a 495-unit community in March. All of the properties are located in Maryland.
According to Ryan Ogden, Vice President/Director of Bozzuto Acquisitions, LLC, a variety of upgrades are planned at both communities, including the replacement of windows; landscaping upgrades; the addition of gating, fencing and new exterior lighting; and roofing work.
Over the past five years, The Bozzuto Group has acquired a total of 5,618 units in the mid-Atlantic region.
About The Bozzuto Group
Active in the purchase of residential apartment properties throughout the mid-Atlantic and Northeastern United States, Bozzuto Acquisitions, LLC is one of the companies in The Bozzuto Group. Headquartered in Greenbelt, Maryland, The Bozzuto Group provides a broad range of real estate services -- including development, management, homebuilding, landscaping, and construction -- for third party owners as well as for its own account. The Group’s principals and operating companies have been the recipients of scores of prestigious honors and awards including the national Pillars of the Industry Awards for Multifamily Development Firm of the Year (2003), Property Management Company of the Year (2000) and Multifamily Builder of the Year (1998).