June 01, 2012
Bozzuto Group found its niche building high-end apartments that cater to upscale yuppies in the Greater Baltimore and Washington, D.C., markets.
Now, the $1.1 billion company, known for building the Fitzgerald near the University of Baltimore, is looking north to the Philadelphia area to help fuel its growth.
“We think it’s a great market,” said Toby Bozzuto, president of Bozzuto Group’s development division.… Continue reading
Washington Post: This Real Estate Firm is Looking for Veterans Who Can Keep Their Cool Under Pressure
May 26, 2012
Tom Bozzuto is the 65-year-old chairman of the Bozzuto Group, the Greenbelt-based real estate company that employs 1,200 people, many of them veterans.
Bozzuto, a Vietnam veteran, hires fellow service veterans for two reasons: first, they make great employees; second, he has an idea of what they have gone through and wants to help. But Bozzuto, whose company owns or manages tens of thousands of apartments between Boston… Continue reading
April 26, 2012
The Bozzuto Group has committed to matching 100 percent of the electricity used at its corporate headquarters with renewable energy from U.S. wind projects.
This commitment to green power will be achieved through the purchase of Green-e Energy Certified Renewable Energy Certificates (RECs) from 3Degrees, a renewable energy certificate and carbon offset provider to wholesale and retail customers.
The RECs ensure that for every megawatt hour of electricity used at… Continue reading
April 12, 2012
ARLINGTON, Va. - Doors have officially swung open on the 116-unit vPoint, a high-rise, mixed-income residential development situated a half block for the Clarendon Metro station.
The eight-story apartment building was co-developed by Bozzuto Development Co. and Chesapeake Community Advisors in partnership with Arlington County, Virginia Housing Development Authority (VHDA), and The Views at Clarendon Corp. The class A project was designed for LEED Silver… Continue reading
April 05, 2012
The biggest surge of Seattle-area apartment construction in a quarter century is threatening to undercut the growth in rents, a trend that’s also emerging in such U.S. cities as Washington and Houston.
Seattle went from “dead last” in rent increases three years ago, following the collapse of mortgage lender Washington Mutual Inc. (WAMUQ), to 13th out of 88 markets last year, according to Axiometrics Inc., a multifamily real estate research company.… Continue reading
March 23, 2012
The biggest challenge for the Bozzuto Group in building Union Wharf was figuring out where to put the construction trailers. The 3.5-acre site in Fells Point is hemmed in by development on three sides and borders the harbor on the other. To make matters trickier, workers at a nearby office building park about 130 cars at the site, and Bozzuto agreed to let them continue to park there during the construction. That left even less… Continue reading
Baltimore Business Journal: Best Real Estate Deals of 2011 -- Nevamar Plant Razed to Pave Way for Upscale Apartments
March 23, 2012
StonebridgeCarras was looking to finance the building of an apartment complex in Odenton. It was 2009 and conventional bank financing for construction projects had pretty much dried up.
“We were right in the middle of the financial meltdown,” said George Carras, StonebridgeCarras’ co-founder and co-manager. “It was virtually impossible to get financing.”
So the Bethesda developer went a different route. It… Continue reading
March 01, 2012
More folks in Baltimore have landlords than mortgages. A passing byproduct of the housing bubble, or the new "un-ownership society" driven by Gen Y?
Consider this a tale of two city lots.
Exhibit A is in Pigtown, where the Camden Crossing housing development débuted with fanfare in 2006—a phalanx of suburbanesque, neo-colonial, garage townhomes blooming in a brownfield in the shadow of the old B&O Railroad roundhouse. Sales were brisk, and home prices passed the half-million mark.
But… Continue reading
February 12, 2012
The goal for many apartment developers — including some of those building thousands of local units at the moment — is to design and build projects that can then be sold to investors interested in holding them long-term.
Last year was a good time to sell. Overall sales prices per unit in the Washington area have recovered to 2007 levels, according to the research firm Delta Associates, having risen 22.7 percent from 2010. Eighty-one apartment deals closed in the… Continue reading
January 25, 2012
New York—Tom Bozzuto, CEO of The Bozzuto Group, a real estate firm based in Greenbelt, Md., participated in a live chat on Tuesday, January 24th, on the MHN Facebook page to answer readers’ questions.
Below is the transcript of the chat session.
Tom Bozzuto: Good morning, everyone. I’m happy to be here.
Question: Thanks for being on the cutting edge. Please spend a little time discussing how BMC [Bozzuto Management Company] is leveraging social media to extend… Continue reading