Paladin Realty Partners, LLC, a leading real estate investment fund manager focused on Latin America, has announced a new programmatic joint venture to develop a portfolio of purpose-built rental apartment properties in São Paulo, Brazil. The venture has initially committed in excess of R$130 million to capitalize its first projects, with the intention of increasing the size of the program as more sites are identified. While more than 40% of households in São Paulo are believed to be renters, there are few purpose-built, institutional quality apartment buildings due to a historical lack of debt financing and other factors. As a result, the existing rental market is comprised largely of “mom and pop” landlords who may rent one or two condominiums, providing a compelling market opportunity for well capitalized institutional investors to build and operate a portfolio of purpose-built rental apartment buildings. With a population of over 20 million, São Paulo represents an ideal market to launch the venture’s strategy.