Leste Group, a global independent alternative investment manager, and Opportunity Fundo de Investimento Imobiliário, a private investment firm based in Rio de Janeiro, have formed a new real estate-development company, LORE Development Group.
The new venture will focus on developing primarily multifamily residential units and condo developments in South Florida.
LORE adds multifamily development to Leste’s diverse real estate strategies, which now include equity investment and lending in the multifamily, single-family, healthcare, hospitality, and industrial asset classes. LORE will source and acquire properties, and work with third-party construction teams to build its projects. In Florida, LORE plans to develop more than $1 billion in multifamily projects during the next five years, which is based Leste’s internal projections and combination of existing projects and pipeline. Estimates are subject to change.
The first property being developed by LORE is
