After its founding more than 33 years ago, Bozzuto, a property management company based in Maryland, is making its way to the West Coast. In its most recent expansion, the company is opening its doors to four West Coast markets, including Southern California, Seattle and the Bay Area.
With a total of 1,170 new units now managed by Bozutto on the West Coast, the company’s expansion includes Runway Playa Vista at 12760 West Millennium; AO Santa Monica at 2200 Colorado Avenue; Premiere on Pine at 1525 9th Avenue in Seattle; and The Skylyne at Temescal at 3883 Turquoise Way in Oakland.
According to Heather Wallace, who is heading the West Coast expansion, the properties were the next right step for Bozzuto following similar debuts in the Midwest and Southeastern U.S. for clients looking for luxury property management services.
“I think the company had just really strong performance in the northeast over the years and then expanded into Florida and Chicago and did so with current clients requesting that we go there, and those expansion efforts were very organic in nature, very slow, methodical and successful,” she said. “So based on that track record, the company started talking about what the next frontiers were and the West Coast had been coming up quite a bit in conversations with existing clients who had a national footprint.”
According to Wallace, the expansion has been fully driven by clients – including Heitman, Invesco and Boston Properties – looking for luxury property management. Each property also comes equipped with updated units and amenities including pool and spa services, nearby restaurants, retail space and more. Offering luxury experiences, rental rates at the new properties range in price from approximately $2,500 to $6,286 depending on unit size and location.
“I think that’s where the big opportunity presented itself for Bozzuto to come out west with a boutique, white glove high end approach. It’s a very niche market, it’s a segment that all the new construction is aspiring to be. You could have the best architect and the best developer and the best execution on construction, but if you don’t have good management, it’s all for naught,” Wallace said.
In general, Wallace said the company aims to put clients first through world-class amenities at each of the company’s managed properties. By providing luxury experiences for tenants, the company has managed to grow its portfolio to more than 80,000 residences. According to its website, Bozzuto’s portfolio is valued at $15 billion.
“We are honored and grateful for the immense trust that our clients have in our ability to create sanctuary for residents across the country,” Wallace said. “It’s a true testament to the power of relationships, which is the foundation our company was built upon. We believe that by always doing the right thing – for our clients, customers, associates and partners – we will continue to deliver the very best in class service at every single community we manage.”
With its history dating back to 1988, Bozzuto has acquired, developed and managed more than 50,000 homes and apartments across the U.S. Currently, the company manages 85,000 apartments and three million square feet of retail space. As well as the company’s more recent expansions to Chicago and Florida, Bozzuto also manages multifamily properties in New York, Pennsylvania, New Jersey, Maryland, Wisconsin and Virginia.
Looking ahead, Bozzuto has projects already in the pipeline, including 640 units in the West Coast alone. Looking ahead, Wallace said Bozzuto is also eyeing other expansion opportunities in the Western U.S. with eyes on Denver as a phase two of the expansion.
“We would like to continue to expand our footprint out west. We would like to go deeper into those markets that we recently went into with the understanding that we want to grow with like minded clients and do so in a very measured approach,” Wallace said.
“We really understand that the growth opportunities will present themselves based on the performance of the properties that we’ve taken over. So it’s our goal to turn these assets around and have them outperform their competitive set in their respective market and then let that performance speak to the institutional multifamily community.”