Related Group and Rockpoint Group have launched a new $2bn fund to acquire value-add multifamily properties in Florida and throughout the Sun Belt. In addition to Florida, the duo will focus on major markets including Atlanta, Dallas and Phoenix. Related expanded to the Southwest with a satellite office in Dallas late last year with the goal of focusing on multifamily ground-up development in Phoenix, Denver, Las Vegas and major Texas markets. Rockpoint, a private equity firm and investment adviser, has joined Related in the past with condo projects that include Brickell Heights and Residences by Armani Casa. Michael Hammon, previously chief development officer of Ram Development Company, returned to Related this month to work on the new division with Matt Allen, Related’s COO. Hammon said the new division will look for opportunities in the $60m to $100m-plus range, and will use Related’s property management, construction and development arms.
