News

Apartment Finance Today: Partnering for Public Purpose, and Profits, in Mixed-Income Development

May 01, 2012

As more cities enact inclusionary zoning laws, the trend of mixed-income development continues to grow stronger.

But deep levels of income mixing require deep rosters—a gathering of different skill sets—and some developers are uncovering more opportunities by partnering with nonprofits.

Though it’s known as a luxury developer, about 10 percent of the Bozzuto Development Co.’s portfolio is mixed-income. And the developer often finds mixed-income opportunities through small regional nonprofits… Continue reading

The Bozzuto Group Commits HQ to 100 Percent Wind Power

April 26, 2012

The Bozzuto Group has committed to matching 100 percent of the electricity used at its corporate headquarters with renewable energy from U.S. wind projects.

This commitment to green power will be achieved through the purchase of Green-e Energy Certified Renewable Energy Certificates (RECs) from 3Degrees, a renewable energy certificate and carbon offset provider to wholesale and retail customers.

The RECs ensure that for every megawatt hour of electricity used at Bozzuto's headquarters, a wind power project… Continue reading

Citybiz Real Estate DC: Bozzuto JV Unveils 116-Unit vPoint

April 12, 2012

ARLINGTON, Va. - Doors have officially swung open on the 116-unit vPoint, a high-rise, mixed-income residential development situated a half block for the Clarendon Metro station.

The eight-story apartment building was co-developed by Bozzuto Development Co. and Chesapeake Community Advisors in partnership with Arlington County, Virginia Housing Development Authority (VHDA), and The Views at Clarendon Corp. The class A project was designed for LEED Silver certification.

The vPoint sits on land previously occupied… Continue reading

Bloomberg News: Seattle Signals Glut Risk as Apartment Construction Rises

April 05, 2012

The biggest surge of Seattle-area apartment construction in a quarter century is threatening to undercut the growth in rents, a trend that’s also emerging in such U.S. cities as Washington and Houston.

Seattle went from “dead last” in rent increases three years ago, following the collapse of mortgage lender Washington Mutual Inc. (WAMUQ), to 13th out of 88 markets last year, according to Axiometrics Inc., a multifamily real estate research company. The construction boom spurred by rising rents… Continue reading

Baltimore Business Journal: Best Real Estate Deals of 2011 -- Bozzuto Breaks Ground on Union Wharf

March 23, 2012

The biggest challenge for the Bozzuto Group in building Union Wharf was figuring out where to put the construction trailers. The 3.5-acre site in Fells Point is hemmed in by development on three sides and borders the harbor on the other. To make matters trickier, workers at a nearby office building park about 130 cars at the site, and Bozzuto agreed to let them continue to park there during the construction. That left even less room for the trailers. The creative solution? Float the trailers on a barge in the… Continue reading

Baltimore Business Journal: Best Real Estate Deals of 2011 -- Nevamar Plant Razed to Pave Way for Upscale Apartments

March 23, 2012

StonebridgeCarras was looking to finance the building of an apartment complex in Odenton. It was 2009 and conventional bank financing for construction projects had pretty much dried up.

“We were right in the middle of the financial meltdown,” said George Carras, StonebridgeCarras’ co-founder and co-manager. “It was virtually impossible to get financing.”

So the Bethesda developer went a different route. It turned to a federal program under which the Department of Housing and Urban… Continue reading

Urbanite: The City That Rents?

March 01, 2012

More folks in Baltimore have landlords than mortgages. A passing byproduct of the housing bubble, or the new "un-ownership society" driven by Gen Y?

Consider this a tale of two city lots.

Exhibit A is in Pigtown, where the Camden Crossing housing development débuted with fanfare in 2006—a phalanx of suburbanesque, neo-colonial, garage townhomes blooming in a brownfield in the shadow of the old B&O Railroad roundhouse. Sales were brisk, and home prices passed the half-million mark.… Continue reading

Washington Post: Can New Apartment Sales be Sustained?

February 12, 2012

The goal for many apartment developers — including some of those building thousands of local units at the moment — is to design and build projects that can then be sold to investors interested in holding them long-term.

Last year was a good time to sell. Overall sales prices per unit in the Washington area have recovered to 2007 levels, according to the research firm Delta Associates, having risen 22.7 percent from 2010. Eighty-one apartment deals closed in the Washington area in 2011, according… Continue reading

Baltimore Business Journal: Apartment Deals Lead Lending Revival

January 27, 2012

Toby Bozzuto said he couldn’t have closed on $279 million worth of financing for new apartment construction three years ago.

Securing that kind of funding during the depths of the recession wasn’t possible for Bozzuto Development Co. or many other firms. That led to development coming to “a screeching halt” in 2009, Bozzuto’s Development Co.'s president said. Banks began walking away from commitments following the weakening of the economy. As a result, few new apartment developments… Continue reading

Multi-Housings News: Tom Bozzuto Facebook Chat Transcript

January 25, 2012

New York—Tom Bozzuto, CEO of The Bozzuto Group, a real estate firm based in Greenbelt, Md., participated in a live chat on Tuesday, January 24th, on the MHN Facebook page to answer readers’ questions.

Below is the transcript of the chat session.

Tom Bozzuto: Good morning, everyone. I’m happy to be here.

Question: Thanks for being on the cutting edge. Please spend a little time discussing how BMC [Bozzuto Management Company] is leveraging social media to extend your brand.

Bozzuto: We believe… Continue reading