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South Florida

London firm to set up long-term, high-stakes vulture fund

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London-based asset manager Strategic Real Estate Advisors is planning to raise $1 billion to purchase foreclosed luxury homes in Florida, and expects to hold onto its investments for as long as ten years. Called the Florida Prime Residential Opportunity Fund, it expects to garner investment from Europe, Latin America and the Middle East, and spend around $400 per square foot on luxe homes in such places as Key Biscayne, Palm Beach, Star Island and Miami’s South Beach and Brickell Avenue. The firm is expecting a 20 percent annual return on investment.