(Carl Cronan is editor of Real EstateFlorida.)

TAMPA, FL-Strategic Real Estate Advisors says it is forming a $1-billion investment pool to purchase luxury and ultra-luxury distressed condominium units throughout Florida. The London-based firm will focus primarily on beachfront condos in the South Florida and Tampa Bay markets that either are in the foreclosure process or have already been taken over by banks.

Starting this fall, the fund will offer between $300 and $400 per sf for high-end units that had been marketed at triple the price just a few years ago, says Pierre Rolin, founder, chairman and chief executive of StratReal. It will also seek to buy prime redevelopment land with high barriers to entry in similarly distressed situations, he says.

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