South Florida home builder begins fund to stockpile land
Photos South Florida home builder Sergio Pino has launched a fund to take advantage of depressed housing prices and buy land in Miami-Dade County.
In a statement, Pino said the land will be used for new homes when the market can support it. ''Some day, after doomsday, housing will be in demand again,'' Pino said. ``We want to stockpile valuable land.''
The new Century Opportunity Fund has already raised $100 million of a $500 million goal, the statement said. The fund has the same board and managers as Pino's Century Partners Group, whose unit Century Homebuilders has built nearly 10,000 homes. One of Century's projects may be a beneficiary of the new investment fund: Doral Grand, a mixed-use project zoned for 4,600 homes.
Pino joins numerous other developers who recently have created funds to buy up real estate, such as commercial real estate investors William Holly, Michael Adler and condo developer Jorge Perez.
From Miami Herald 11-6-2008
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