Investment Programs, Invesco Insights, and MBTA Communities Act Update

In this episode, Sandy MacKay kicks off with an introduction and an announcement about a new investment program. The discussion then shifts to explore the implications for Invesco shareholders, providing insights into how recent developments may affect their portfolios. Sandy also provides an update on the MBTA Communities Act, examining its potential impact on real estate markets. The episode wraps up with closing remarks, where Sandy draws lessons for Canadian markets, offering valuable perspectives for investors looking to navigate the multifamily real estate landscape.

Episode Transcript

(00:00):
Have you ever wondered what a billion-dollarinvestment in multifamily real estate could do
for a market?
Welcome to the Multifamily Real Estate InsightsPodcast.
I'm your host, Sandy MacKay.
Let's get right to it.
In a recent announcement, Invesco Real Estateand Bozzuto have launched a significant $330

(00:23):
million multifamily investment program, with atotal deployment capacity of approximately $1
billion.
This strategic partnership is set to pursueinvestments across key East Coast markets,
demonstrating a powerful combination ofInvesco's data-driven investment approach and
Bozzuto's operational expertise.

(00:44):
According to StockTitan, the venture hasalready completed its first acquisition: Enders
Place, a 220-unit apartment community locatedin Orlando's Baldwin Park neighborhood.
The joint venture aims to capitalize on therecovering market fundamentals by targeting
assets with multiple value creation levers.

(01:05):
Bozzuto Management plans to implementimprovements to unit finishes and enhance the
resident experience, adding value to thishigh-demand market.
This approach not only leverages the strengthsof both companies but also positions them to
address the evolving needs of multifamily realestate.
Greg Kraus, Managing Director and Head ofUnited States Transactions at Invesco Real

(01:28):
Estate, emphasized the venture's focus onperformance and value creation.
He expressed satisfaction with expanding theirrelationship with Bozzuto, noting how it
leverages their time-tested investment processand Bozzuto's operational capabilities.
Toby Bozzuto, President and Chief ExecutiveOfficer of Bozzuto, echoed these sentiments,

(01:49):
highlighting the partnership's strategicalignment and financial flexibility to navigate
evolving market conditions.
For Invesco shareholders, this venturerepresents a thoughtful deployment of capital
into a defensive real estate sector known forhistorically stable cash flows.
With a billion-dollar deployment capacity,there's substantial growth potential beyond the

(02:12):
initial $330 million commitment.
This could become a meaningful contributor toInvesco's real estate portfolio performance
over the medium term.
Shifting our focus slightly from Canada to ourneighbors in Massachusetts, we have an
interesting development regarding the MBTACommunities Act.
According to an article by Elizabeth KanzegRowland, dated July 18, 2025, fifteen

(02:36):
Massachusetts communities have not met thecompliance deadline for this act.
In response, Attorney General Andrea Campbellissued a legal advisory that postpones any
litigation against these non-compliantcommunities until January 1, 2026.
This provides a window of opportunity for thesecommunities to align with the requirements

(02:57):
without immediate legal pressure.
However, it's important to note that whilelegal action has been delayed, these
communities that missed the July 14 deadlinehave lost eligibility for certain state grant
funding opportunities.
The MBTA Communities Act is quite significantas it mandates that municipalities served by
commuter rail stations must have at least onereasonably sized district where multifamily

(03:22):
housing can be built.
This is a strategic move aimed at addressinghousing shortages and promoting economic growth
by making housing more accessible.
In June, a Massachusetts Superior Court judgeupheld the law, denying exemptions to several
towns that argued the requirement to adoptmultifamily zoning districts would incur

(03:43):
additional costs.
Rachel Heller, CEO of the Citizens’ Housing &Planning Association, highlighted the
importance of this act as a tool for creatingnecessary housing, emphasizing that it supports
community and economic thriving.
She commended Attorney General Campbell for herdedication to enforcing state housing laws,
ensuring that everyone has opportunities tosecure affordable homes in their chosen

(04:06):
communities.
This situation underscores the ongoingchallenges and opportunities within the
multifamily real estate sector, not just inMassachusetts but also in wider contexts.
As we navigate similar issues in Canada, it'scrucial to observe and learn from these
developments.
Thank you for listening to the Multifamily RealEstate Insights Podcast.

(04:29):
I'm your host, Sandy Mackay.
See you on the next one.