Investing in Argentina is not for the faint of heart. The market has been characterized by volatility, import tariffs and sovereign debt defaults. In 2012, a hedge fund seized a ship owned by the Argentine navy as part of a long-running legal battle related to bonds issued in 2001. And the country was in a recession as recently as 2016.

But the winds may be blowing in a new direction. Argentina’s GDP grew 2.9 percent in 2017, according to INDEC, the country’s National Institute of Statistics and Censuses, following a contraction of 1.8 percent in 2016. Investors have been heartened by the business-friendly policies implemented by President Mauricio Macri.

That is the context in which Equity International, the Goldman Sachs Merchant Banking Division and Houston-based Centaurus Capital closed a $300 million investment in the country’s real estate market, forming ARG Realty Group in partnership with local partner Grupo Pegasus.

“Over the course of the last