Philadelphia-based private equity real estate firm Lubert-Adler and private multifamily developer The Related Group have launched a $1 billion (€686 billion) vehicle to acquire property and mortgages from developers, lenders and property owners in the Florida real estate market. Assets targeted will range from finished condominium units to raw land.
“Our unwavering commitment to the Florida market has driven the creation of an investment vehicle to leverage the sluggish market,” Jorge Perez, chairman and chief executive at The Related Group, said in a statement, commenting on the Florida multifamily market. “The vehicle strengthens Related’s position by increasing our access to capital and expanding our company’s ability to make larger deals with other developers, lenders and property owners.”
The Miami-based multifamily specialist has built and managed more than 70,000 residential units throughout Florida and the US.
Lubert-Adler, founded in 1997 by Ira Lubert and Dean Adler, invests across property types throughout North America. The firm was part of a consortium last year which acquired the $136 million Stamford Harbor Park office complex, the latest piece of the Harbor Point redevelopment project in suburban Connecticut. The firm currently has more than $15 billion of assets under management.