Invesco Real Estate is forming a joint venture with Bozzuto to create a multifamily program that capitalizes on East Coast opportunities within the asset class.
The $330 million program's investment capacity will be $1 billion. Bozzuto's plans to leverage its management, operation and construction capabilities, while Invesco will use its data-focused investment process to create value under the JV.
Already, the two announced they have closed their first purchase — a 220-unit apartment community in Baldwin Park, Orlando. Bozzuto is planning upgrades at the property, including improvements to the unit finishes and bolstering the tenant experience. It's unclear if JV will focus mainly on the Southeast or balance its approach to Northeast markets as well.
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"We are pleased to partner with Invesco Real Estate on this program, which positions us to expand purposefully across the East Coast and acquire assets that align with our rigorous investment standards and operational capabilities," Toby Bozzuto, president and CEO of Bozzuto, said in a statement.
"The capital and partnership framework provides the financial flexibility and strategic alignment necessary to navigate evolving market conditions, allowing us to act decisively on opportunities that advance our long-term growth objectives and commitment to investors and the communities we serve."
According to Bozzuto, it manages 130,000 apartments. And since 1988, it has built, developed or purchased more than 62,000 apartments and homes. Invesco operates $85 billion worth of real estate assets.
With high multifamily supply pressures in the Southwest markets, some Southeast regions appear to be set for a boom, at least according to a report from Gray Capital. Particularly, the firm is forecasting elevated rent growth in Miami and Tampa. During the second quarter, the two major Florida cities are expected to see rent growth in the second quarter of 3.16 percent and 3.21 percent, respectively.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
