CHICAGO, IL - Pritzker Realty Group, a Chicago-based real estate investment company, and The Bozzuto Group, a Greenbelt, MD-based real estate services company, today announced the creation of a joint venture that has an initial capital commitment of $75 million. Under the terms of the agreement, the Bozzuto/Pritzker Realty Group partnership will seek multifamily development and acquisition opportunities in high-growth locations throughout the Mid-Atlantic and Northeast regions, with specific focus on the greater Washington-Baltimore metropolitan area.
Source: The Bozzuto Group
"This partnership allows us to tap into Bozzuto's market expertise to invest in multifamily developments," said Penny Pritzker, CEO of Chicago-based Pritzker Realty Group. "We look forward to a long-term relationship with The Bozzuto Group to develop and own multifamily assets that are extraordinary living environments."
"We are absolutely thrilled that Pritzker Realty Group has chosen to create a partnership with us to invest in multifamily rental opportunities in markets in which we expect an extraordinarily robust real estate recovery," said Tom Bozzuto, CEO of The Bozzuto Group. "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."
Pritzker Realty Group is an investment vehicle founded by Penny Pritzker. PRG is a value-added investor targeting a broad range of direct equity and debt investments in real estate assets, portfolios, and joint ventures throughout the United States. Since 1991 Pritzker has overseen real estate assets including apartment buildings, office and industrial developments, parking lots, and senior living facilities across the U.S. with a combined value of $5 billion. For more information: www.pritzkerrealty.com.
Headquartered in the Washington, D.C. area, The Bozzuto Group is a fully integrated and diversified residential real estate company providing a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company is committed to providing quality housing for individuals of all income levels, producing everything from luxury homes and apartments to affordable housing solutions. Throughout The Bozzuto Group's more than 22-year history, the firm and its principals have been honored with numerous industry awards and accolades, including having been recognized by the NAHB as the nation's premier apartment development company, and twice as management company of the year. For more information: www.bozzuto.com