The Real Deal Miami

Local developer in national JV

August 19, 2008 10:57AM

West Palm Beach developer Kolter Group and New York-based Och-Ziff Real Estate Acquisitions LP plant to form a joint venture to buy as much as $1 billion worth of real estate in the Southeast. The companies said they will buy in bulk, target developments across the development cycle, including vacant land, entitled lots, partially developed communities and completed inventory. Kolter CEO Bobby Julien said the present downturn in the residential real estate market has set the stage for abundant investment opportunities throughout the region. The Kolter Group currently holds residential and commercial projects with an expected sales value of more than $9 billion. Och-Ziff Real Estate is an affiliate of Och-Ziff Capital Management Group, an alternative asset management firm that currently manages over $33 billion around the world.