Philadelphia-based private equity real estate firm Lubert-Adler and private multifamily developer The Related Group have acquired four condo developments in Florida in a deal worth $100 million (€68.3 million).
The properties, which comprise around 500 condo units, were purchased through the $1 billion real estate fund raised by the duo in February. That fund was raised to take advantage of distress in Florida, purchasing property and mortgages from troubled developers, lenders and property owners.
In a statement, Jordan Paul, senior management director of the Lubert-Adler/Related fund, said the assets were purchased at “significant discounts.” Dean Adler, founder of Lubert-Adler, said a lack of credit had created a “challenging debt market” for developers and property owners alike – and an opportunity for private equity real estate.
Lubert-Adler, founded in 1997 by Ira Lubert and Dean Adler, invests across property types throughout North America. The firm was part of a consortium last year which acquired the $136 million Stamford Harbor Park office complex, the latest piece of the Harbor Point redevelopment project in suburban Connecticut. The firm currently has more than $15 billion of assets under management.