Leste Group, a Miami-based global independent alternative investment manager, and Rio de Janeiro, Brazilian-based Opportunity Fundo de Investimento Imobiliario, a private investment firm, have formed a new real estate development firm, LORE. Its first collaboration is a 500-high-end apartment in Miami's swank Brickell district, valued at $500 million.   

Picking Brickell makes sense for luxurious living. It is touted as a vibrant, bustling neighborhood, located in Miami's financial district and south of its downtown. Brickell has become a popular destination for young professionals and urban dwellers who enjoy dining, nightlife and entertainment. Its skyline has become home to some of the area's most iconic skyscrapers, including the Four Seasons Hotel Miami and the Brickell City Centre.

Leste, which has long focused on diverse real estate strategies, including equity investment and lending in the multifamily, single-family, healthcare, hospitality and industrial asset classes, is now adding multifamily development. And its newest joint venture plans to develop more than $1 billion in Florida over the next five years.