Miami-based Leste Group and Opportunity Fundo de Investimento Imobiliário, based in Rio de Janeiro, have formed LORE Development Group. The new venture will develop primarily multifamily communities in South Florida.

LORE will source and acquire properties, and work with third-party construction teams, wth plans to develop more than $1 billion in multifamily projects over the next five years.

The first is a 442,000-square-foot, 500-unit multifamily building at 1015 SW 1st Avenue in Miami’s Brickell district. The $500 million project will feature state-of-the-art amenities, ground floor retail, and ample parking.

“Brickell is the ideal neighborhood for our first multifamily development in South Florida,” said Stephan de Sabrit, managing partner at Leste. “The thriving area has become one of the most desirable places to live, work and play in Miami…This property will set a new standard in luxury living for the area with its exclusive amenities, prime location, and breathtaking design.”

Source: https://www.connectcre.com/stories/new-venture-bringing-1b-in-multifamily-projects-to-fl/