Paladin expands its southern exposure
Paladin Realty Partners’ taste for Latin American housing shows no signs of abating. The Southern California–based investment house has already committed more than $3 billion to housing projects in Brazil, Chile, Colombia, Costa Rica, Mexico, Peru and Uruguay. Its latest foray is a new $30 million joint venture to build thousands of low-income housing units in Brazil. The joint venture is Paladin’s second with Brazil-based home builder Abramar.
Randall Loker, a managing director and CIO at Paladin, says his firm will initially commit $6 million to the effort and will scale up from there.
The first Paladin-Abramar joint venture produced four low-income housing projects totaling 2,025 units — most of them condo mid-rises, but also some single-family attached units. The new venture is expected to produce roughly 450 condos in mid-rise and high-rise buildings in the southern Brazilian state of Santa Catarina. The average per-condo sale price will be a