(Carl Cronan is editor of RealEstateFlorida.)
TAMPA, FL-Strategic Real Estate Advisors says it is forming a$1-billion investment pool to purchase luxury and ultra-luxurydistressed condominium units throughout Florida. The London-basedfirm will focus primarily on beachfront condos in the South Floridaand Tampa Bay markets that either are in the foreclosure process orhave already been taken over by banks.
Starting this fall, the fund will offer between $300 and $400per sf for high-end units that had been marketed at triple theprice just a few years ago, says Pierre Rolin, founder, chairmanand chief executive of StratReal. It will also seek to buy primeredevelopment land with high barriers to entry in similarlydistressed situations, he says.
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