(Crystal Proenza is associate editor of RealEstate Florida.)

WEST PALM BEACH, FL-Locally based Kolter Group and New YorkCity-based Och-Ziff Real Estate Acquisitions LP have formed a jointventure to acquire $1 billion of residential assets in theSoutheast US. The companies will target developments across thedevelopment cycle, including vacant land, entitled lots, partiallydevelopment communities or completed inventory in bulk, HowardErbstein, Kolter's chief investment officer, tells GlobeSt.com.

"We believe that the present downturn in the residential realestate market has set the stage for abundant investmentopportunities throughout the Southeast," said Kolter CEO BobbyJulien in a press release. "Och-Ziff's capital markets and realestate platform will enhance Kolter's ability to capitalize onthese opportunities by enabling us to participate in larger andmore diverse projects and investments."