The Real Deal Miami

Related’s Perez deals, wheels

October 22, 2008 10:07AM

Related Group Chairman Jorge Perez can roll with the punches, and has proved adaptable in his ability to buy up overbuilt condo assets at bargain prices — condos his own company built. Perez, whose high-tempo manner and energetic approach got the Related Group more than $1 billion in construction leverage for hundreds of condo projects, formed an investment fund with Philadelphia private-equity firm Lubert-Adler Partners LP. The chairman says his purchases don’t have to be limited to the Lubert-Adler partnership and expects Related to turn a $200 million profit on $2 billion in sales. Next year, however, won’t be as good, he says.