CHICAGO-Pritzker Realty Group,based here, and Greenbelt, MD-based Bozzuto Group have formed ajoint venture to develop and buy apartments in the Northeast andMid-Atlantic regions. The initial investment is $75million.

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The venture has already been working to line up property,primarily class A buildings for purchase and mixed-use,transit-orientated sites for development, says Tom Bozzuto, CEO.“We have four-to-five properties in our pipeline that we will soonbe able to identify,” he says.

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A specific focus will be on the Washington, DC-Baltimore area,says Bozzuto. “The fundamentals in the greater Washington area haveimproved dramatically over the past 15 months, and we expect themto continue to improve,” he tells GlobeSt.com.

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He says there are a few reasons why now is a good time to investin multifamily property. “The generation “y” population groupworking its way through school today is extraordinarily large.Also, it’s going to be harder for awhile to buy a home, and weexpect people will rent longer than before. At the same time, therehas not been a lot of new apartment buildings added in ourmarketplace,” Bozzuto says.

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