Invesco Real Estate and Bozzuto have launched a significant joint venture with an initial investment capacity of $330 million, aiming for a total deployment of approximately $1 billion across East Coast markets. The partnership has already made its inaugural acquisition: a 220-unit multifamily property in Orlando, Florida, named Enders Place.
Key Takeaways
- A new $1 billion real estate joint venture has been established by Invesco Real Estate and Bozzuto.
- The venture’s initial focus will be on East Coast markets, with a value-add investment strategy.
- The first acquisition is Enders Place, a 220-unit property in Orlando, Florida.
Strategic Partnership and Investment Focus
The collaboration between Invesco Real Estate and Bozzuto is designed to capitalize on recovering market fundamentals. The joint venture will target properties for value-add investments, aiming to enhance existing assets. This strategic move aligns with Invesco’s broader investment activities, which have included significant debt financing and loan commitments across North America and Europe in the past year.
First Acquisition: Enders Place in Orlando
The initial purchase under the joint venture is Enders Place, a 220-unit apartment complex in Orlando, Florida. The property was previously sold by TA Realty for $53.2 million in 2020. Plans are in place to refurbish the asset, with a particular focus on improving unit finishes. This acquisition marks the venture’s first step in deploying capital and signals its commitment to the Florida market.
Bozzuto’s Expanding Investment Horizon
Bozzuto, a prominent apartment management company with a substantial portfolio of managed units and retail space, has been increasingly pivoting towards investment in 2024. This joint venture with Invesco follows Bozzuto’s recent acquisition of a 132-unit property in Arlington, Virginia, its first acquisition since 2008. This move underscores Bozzuto’s strategy to expand its investment presence along the East Coast.
Sources
- Invesco, Bozzuto Launch $1B JV With Florida Buy, Multifamily Housing News.