Pino creates fund for depressed housing purchases

Sergio Pino, a South Florida home builder and president of Century Homebuilders, has created an opportunity fund to purchase land and distressed property in Miami-Dade County. The fund already has over $100 million and aims to raise $500 million. The fund will focus on areas of the county that already have schools, an employment base and infrastructure, and specific projects the fund could target include Doral Grand, a Century Homebuilders mixed-use plan slated to include 4,600 homes. William Holly and Michael Adler, two other South Florida developers, have recently created similar funds, and developer Jorge Perez reportedly has one in the works. [Miami Herald] and [SFBJ]