While the home sales market may still be struggling to recover from the crash of five years ago, the rental industry is flourishing, and at the center of the boom is Thomas S. Bozzuto.
Bozzuto, 65, is chairman and CEO of the Bozzuto Group, a privately held integrated real estate services organization that generates about $1 billion in annual revenues. Spread over six companies, the Greenbelt enterprise comprises management, homebuilding, construction, development, acquisitions and land.
The group’s diversity makes it especially suited to take advantage of the growing rental industry. Developers broke ground on more than 14,000 class A apartment units in the Washington, D.C., and Baltimore metropolitan region from June 2011 to this past June, with work on 11,000 more units expected to start during the next year, according to a survey from Delta Associates of Washington, which monitors the rental industry. The survey was done on the behest of the Bozzuto Group. The Maryland suburban market of the Washington region accounts for 30 percent of the region’s units.
Nationally, the apartment industry represents a $2 trillion market, according to the National Multi Housing Council – he 1,000-member trade group that Bozzuto chairs through next year.
“Tom brings a wealth of business experience to the Council,” Doug Bibby, president of the council, wrote in an email to the Gazette.
Bibby said he spends time with many senior industry executives and the Bozzuto companies are “superbly managed and run, and it is a highly desired working environment for multifamily professionals.”
“In short, no one leaves,” Bibby said. “That is a testimony to Tom’s leadership and the collaborative way he manages his relationships with fellow employees and customers alike.”
Source: Gazette.net article by Lindsey Robbins