Equity Fund To Develop, Invest in Apt. Assets in Mid-Atlantic and Northeast
Pritzker Realty Group has partnered with The Bozzuto Group to establish a multifamily equity fund with an initial investment of $75 million. The fund will purchase and develop apartment communities in the Mid-Atlantic and Northeast with a primary focus on the greater Washington-Baltimore market.
Penny Pritzker, CEO of the Chicago-headquartered investment firm, wanted a partner with multifamily rental experience on the East Coast.
"This partnership allows us to tap into Bozzuto's market expertise to invest in multifamily developments," said Pritzker in a statement announcing the new investment fund.
Tom Bozzuto, CEO and a founder of the Greenbelt, MD-based residential real estate company that offers development and management services, said he anticipates a short supply and an increase in demand for rental units across the country.
"With this initial $75 million 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," he said.
During The Bozzuto Group’s 22-year history, it has purchased and built more than 31,000 homes and apartment units. The firm currently has nearly100 apartment communities in five states and Washington, DC under management.
Since 1991, Pritzker Realty has overseen $5 billion in commercial real estate assets including apartments, office and industrial projects and senior living facilities.