Invesco, Bozzuto Launch $1B JV With Florida Buy
The venture purchased a 220-unit asset in Orlando.
Invesco Real Estate and Bozzuto formed a $330 million investment joint venture with an overall capacity of approximately $1 billion. The duo will deploy capital across East Coast markets.
The partners already closed on their first purchase, a 220-unit property in Orlando, Fla., dubbed Enders Place. TA Realty sold the asset, according to Yardi Matrix data. Its previous price tag was $53.2 million in 2020. Plans call for the property’s refurbishment by enhancing unit finishes.
The venture aims to capitalize on recovering market fundamentals, targeting properties for value-add investments, Invesco Managing Director & Head of U.S. Transactions Greg Kraus said in a prepared statement.
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Invesco’s latest multifamily venture lands two months after the firm’s REIT closed its first CLO. The $1.2 billion debt pool was secured by a portfolio of multifamily and industrial loans. Morgan Stanley structured the note collection, while Barclays, Citigroup and Wells Fargo served as bookrunners.
The company also had a busy 2024, committing $3 billion in 45 unique loans across North America and Europe. That volume marked a 215 percent increase year-over-year. The financing included some $200 million in floating-rate senior loans for the refinancing of two multifamily properties in Washington, D.C.
Bozzuto is one of the largest apartment management companies with an operations portfolio of 130,000 multifamily units, as well as 4 million square feet of retail space across the U.S. Since its inception in 1988, the company has developed, acquired and built more than 62,000 homes and apartments.
One of the properties it manages is Rockpoint’s The Declan in Weehawken, N.J. Bozzuto shares the task with an affiliate of the 298-unit community’s owner. The Declan debuted nearly two months ago.
Bozzuto eyes the East Coast
While Bozzuto has focused chiefly on developing properties, it pivoted toward investment in 2024. After a 16-year hiatus, it paid $45.5 million for a 132-unit property in Arlington, Va.
That purchase marked the company’s first acquisition since 2008, executed in alignment with its strategy to invest across the East Coast—a tactic it now continues by partnering with Invesco.
