A New JV Plans to Develop $1B in Florida
The partnership leads off with a $500 million, 500-unit project.
Leste Group, a Miami-based global independent alternative investment manager, and Rio de Janeiro, Brazilian-based Opportunity Fundo de Investimento Imobiliario, a private investment firm, have formed a new real estate development firm, LORE. Its first collaboration is a 500-high-end apartment in Miami’s swank Brickell district, valued at $500 million.
Picking Brickell makes sense for luxurious living. It is touted as a vibrant, bustling neighborhood, located in Miami’s financial district and south of its downtown. Brickell has become a popular destination for young professionals and urban dwellers who enjoy dining, nightlife and entertainment. Its skyline has become home to some of the area’s most iconic skyscrapers, including the Four Seasons Hotel Miami and the Brickell City Centre.
Leste, which has long focused on diverse real estate strategies, including equity investment and lending in the multifamily, single-family, healthcare, hospitality and industrial asset classes, is now adding multifamily development. And its newest joint venture plans to develop more than $1 billion in Florida over the next five years.
LORE will source and acquire properties, and work with third-party construction teams to build its projects.
“We are excited to expand Leste’s real estate practice by adding a development capability to our existing real estate portfolio,” said Leste’s Stephan de Sabrit, Managing Partner. “We have known and collaborated with Opportunity for many years and look forward to using our ‘boots on the ground’ to establish a vibrant partnership in a location we know very well. Miami is enjoying exponential growth, and we believe LORE is well-positioned to create desirable residences for both current residents and new arrivals.”
The first property LORE is developing will be a 442,000-square-foot, 500-unit multifamily building at 1015 SW 1st Avenue in Brickell. The $500 million project will feature some of the latest amenities, 2,000 square feet of ground floor retail and parking in a prime location near Brickell City Center. Its site offers proximity to public transportation.
“Brickell is the ideal neighborhood for our first multifamily development in South Florida. The thriving area has become one of the most desirable places to live, work and play in Miami, which is continuing to benefit from strong domestic and international migration, low unemployment and a favorable tax environment,” said de Sabrit. “This property will set a new standard in luxury living for the area with its exclusive amenities, prime location, and breathtaking design.”
