X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Crystal Proenza is associate editor of Real Estate Florida.)

WEST PALM BEACH, FL-Locally based Kolter Group and New York City-based Och-Ziff Real Estate Acquisitions LP have formed a joint venture to acquire $1 billion of residential assets in the Southeast US. The companies will target developments across the development cycle, including vacant land, entitled lots, partially development communities or completed inventory in bulk, Howard Erbstein, Kolter’s chief investment officer, tells GlobeSt.com.

“We believe that the present downturn in the residential real estate market has set the stage for abundant investment opportunities throughout the Southeast,” said Kolter CEO Bobby Julien in a press release. “Och-Ziff’s capital markets and real estate platform will enhance Kolter’s ability to capitalize on these opportunities by enabling us to participate in larger and more diverse projects and investments.”

The JV is setting its sights on the Southeast as it expects the area to continue benefiting from strong demographic trends once the market corrects, says Erbstein, adding that short term opportunities will be pursued in the Carolinas, Florida and Georgia. The broader region will be looked to for long-term investments.

All cash transactions are likely in the near future, says Erbstein. “Regardless, the JV will employ debt as and when available by accessing the partners’ respective platforms and relationships,” he says.

The Kolter Group currently holds residential and commercial projects with an expected sales value of more than $9 billion. Och-Ziff Real Estate is an affiliate of Och-Ziff Capital Management Group, an alternative asset management firm that currently manages over $33 billion around the world.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.