News
GROWTH SPURT
June 2, 2011
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| Yesterday Bozzuto Management announced its portfolio grew by 11 properties in 90 days, picking up 3,200 units (mostly located in the Mid-Atlantic). Bozzuto Management prez Julie Smith tells us the deals were driven by pre-existing relationships. ?When our clients get busy, we do too,? she says. One of the properties it picked up was Alta at Regency Crest, an active adult living community in Howard County we profiled recently. Julie says managing communities geared toward retirees is different than apartments. ?At these properties, you see your residents more often. As a result, you need to make sure there are more targeted activities and programs.? Locally, she tells us occupancy at Bozzuto's Baltimore-area buildings has tightened significantly over the past year. Don't expect to hear about 11 more properties three months from now—Julie says ?we're proponents of measured growth, so we're more focused on integrating these units than adding more.? |
