Pritzkers invest in East Coast apartment buildings

By Sandra M. Jones
Posted July 27, 2010 at 1:24 p.m.

Pritzker Realty Group, the Chicago-based real estate firm affiliated with the wealthy Pritzker family, formed a joint venture with the Bozzuto Group to invest in apartment buildings on the East Coast.

The venture, which has an initial capital commitment of $75 million, will focus on properties in the greater Baltimore-Washington area, as well as in the broader Mid-Atlantic and Northeast region.

“This partnership allows us to tap into Bozzuto’s market expertise to invest in multifamily developments,” said Penny Pritzker, CEO of the namesake company and one of the key business leaders in the Pritzker family empire.

The Bozzuto Group predicts an “unprecedented increase in demand for — and short supply of — apartments across the country,” said Tom Bozzuto, CEO of the Washington, D.C.-based residential real estate company.

Pritzker Realty Group, founded in 1991, oversees $5 billion of real estate assets, including apartment buildings, office and industrial developments, parking lots and senior living facilities across the U.S.

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