Leste Group and Opportunity Fundo de Investimento Imobiliário, a private investment firm based in Rio de Janeiro, have formed LORE Development Group. With plans to develop more than $1 billion in multifamily projects in South Florida over the next five years, the new real estate development company will focus primarily on multifamily residential units and condo developments.
“We are excited to expand Leste’s real estate practice by adding a development capability to our existing real estate portfolio,” says Stephan de Sabrit, managing partner at Leste. “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 partnership adds multifamily development to Leste’s real estate strategies, which include equity investment and lending in multifamily, single-family, health care, hospitality, and industrial asset classes. LORE plans to source and acquire properties and then work with third-party construction teams to develop the projects, with its first project being a 500-unit multifamily building in Miami’s Brickell neighborhood. With easy access to public transportation and ample parking near Brickell City Center, the $500 million project will include 2,000 square feet of ground-floor retail and state-of-the-art amenities.
“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,” adds de Sabrit. “This property will set a new standard in luxury living for the area with its exclusive amenities, prime location, and breathtaking design.”
As one of the largest independent asset management companies in Brazil, Opportunity has developed over 6.5 million square feet of real estate in the past 25 years. “Leste’s broad investment expertise, combined with our strong real estate development background, will enable LORE to identify and capitalize on the best multifamily investment opportunities in South Florida,” says Jomar Monnerat de Carvalho, director at Opportunity.
