The Related Group, the leading private multi-family developer in
the United States and Lubert-Adler, one of the nation's largest real
estate private equity firms, today announced the recent completion
of four condominium asset acquisitions totaling approximately $100
million.
Earlier this year, Related and Lubert-Adler jointly created a $1
billion investment vehicle that would target mortgages and
multi-family real estate assets with value enhancement potential.
The Related/Lubert-Adler Investment Fund commenced formal
operations in the second quarter of this year. The initial four
transactions include over 500 condominium units located across
Florida that were purchased at significant discounts from prior
pricing levels.
Jordan Paul, Senior Managing Director for the Related/Lubert-Adler
Investment Fund stated, "We are very pleased to acquire a variety of
high quality assets at attractive prices during our first 90 days of
operations. We were able to buy these assets through both privately
negotiated transactions and competitive bids.
"Our success in identifying and structuring these acquisitions is
a testimony to the unique strengths of our Fund. We are currently
reviewing a strong pipeline of deals and look forward to building on
our initial success."
Dean Adler, Founder of Lubert-Adler added, "Related and
Lubert-Adler both bring outstanding contacts and skills to this
venture. Related's hands-on real estate skills and market expertise
and Lubert-Adler's financial strength and broad market insight give
our fund a unique competitive advantage and has provided us with
instant credibility. Our partnership has allowed us to quickly acquire
these assets and secure financing in the midst of an increasingly
challenging debt market."
For more information on the Related/Lubert Adler Investment Fund,
please contact Jordan Paul at jpaul@relatedgroup.com or 305-460-9900. |