The Bozzuto Group and NYSTRS Form Development Joint Venture
March 12, 2007
Venture’s $100 Million Capital Will Be Used to Fund approximately $400 Million in New Multifamily Real Estate Properties
Greenbelt, MD - March 12, 2007 - The Bozzuto Group and the New York State Teachers’ Retirement System (NYSTRS) have formed a joint venture for the development of multifamily real estate properties. The total equity investment in the venture will be $100 million which, when leveraged, is expected to support the development of approximately $400 million in new real estate assets.
Under the terms of the agreement, The Bozzuto Group/NYSTRS joint venture will develop a range of multifamily properties in high-growth locations in the Mid-Atlantic, with specific focus on the greater Washington-Baltimore metropolitan region; Pennsylvania; Delaware; and New Jersey.
J.P. Morgan Investment Management coordinated the structuring of the joint venture and serves as the advisor for NYSTRS.
This represents the second joint venture of The Bozzuto Group and NYSTRS. The first produced The Montgomery at Wheaton Metro, a 243-unit luxury apartment community in downtown Wheaton, Maryland, and The Delancey, a three-building, 241-unit Class A apartment property in Arlington, Virginia.
Construction has already begun on the initial project of the new joint venture, Monroe Place at Woodland Park Crossing. The luxury 204-unit apartment community is located in Northern Virginia’s dynamic Dulles Corridor region and represents the residential component of a new mixed-use town center.
About The Bozzuto Group
Established in 1988, The Bozzuto Group provides a broad range of real estate services -- including development, property management, homebuilding, landscaping, and construction -- for third party owners as well as its own account. The firm, its 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). The Bozzuto Group is headquartered in Greenbelt, MD. For more information, please visit www.bozzuto.com.