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Kolter, Och-Ziff Join in SE US Fund
In a down market, two real estate development funds seek to buy $1 billion in assets through debt and equity plays.
September 1, 2008
The Kolter Group and Och-Ziff Real Estate Acquisition LP will seek to buy $1 billion of real estate assets in the Southeast US through debt and equity plays, the firms announced.
The newly created Kolter/Och-Ziff joint venture will target the acquisition of residential communities as well as equity and debt interests in residential property, according to the firms’ joint statement. Kolter/Och-Ziff will seek assets including raw land to finished condominium units.
“We believe that the present downturn in the residential real estate market has set the stage for abundant investment opportunities throughout the Southeast,” said Bobby Julien, Kolter’s chief executive. “Despite the downturn, the region will continue to benefit from strong demographic trends. Och-Ziff’s capital markets and real estate platform will enhance Kolter’s ability to capitalize on these opportunities by enabling us to participate in larger and more diverse projects and investments."
The Kolter Group is a private Florida-based firm focused on real estate development, investment and construction. Och-Ziff Real Estate Acquisitions LP is an affiliate of Och-Ziff Capital Management Group LLC, a listed real estate investor.
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