Washington Business Journal: Bozzuto Group Forms $75 Million Joint Venture with Pritzker Realty Group
July 27, 2010
Greenbelt-based The Bozzuto Group is teaming up with Pritzker Realty Group LLC of Chicago to invest in multifamily housing. The two companies said Tuesday that they would commit $75 million in initial capital to the joint venture.
The Bozzuto/Pritzker Realty Group partnership will look for multifamily development and acquisition opportunities in high-growth locations throughout the mid-Atlantic and Northeast regions, with specific focus on the Washington-Baltimore area.
"This partnership allows us to tap into Bozzuto's market expertise to invest in multifamily developments," said Pritzker Realty Group CEO Penny Pritzker.
"With this initial $75 million dollar equity commitment, we will aggressively pursue development and acquisition opportunities that will allow us to control an assemblage of apartment properties at a time when we believe there will be an unprecedented increase in demand for - and short supply of - apartments across the country,” said Bozzuto Group CEO Tom Bozzuto.