SAO PAULO, BRAZIL—Paladin Realty Partners, LLC, a leading real estate investment fund manager focused on Latin America, has completed an investment in the newly created homebuilding joint venture A-PIMA II. The $60 million partnership with Construtora Altana plans to develop over 2,400 low and lower/middle-income residential units in metropolitan São Paulo with total sales value of approximately $250 million. This new investment was made by affiliates of Paladin Realty's fourth institutional fund focused on Latin America, which closed earlier this year and to which the board of the Overseas Private Investment Corp. last week announced the approval of a $100 million commitment.
This joint venture is the second time Paladin Realty has partnered with Altana. In 2009, the two collaborated on the A-PIMA platform, which consists of eight low-income projects and one lower/middle income project totaling 3,171 units and over $250 million of revenue.
Altana is a residential real estate developer founded in October 2004 by Frederico Azevedo and Christiano Vilhena, who have been involved in Brazil's low-income housing market since 1998.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
