When it comes to mitigating risk, it is hard to beat the security of pre-selling a real estate project before ever putting hammer to nail.

That helps explain Paladin Realty Partners’ love affair with Peru. Its multifamily housing projects sell like U2 concert tickets. The investment firm, which focuses its firepower on Latin America, has a portfolio of six housing projects in Peru in various stages of realization, five of which are in Lima and the sixth in the city of Trujillo. One project is done. Two others are under construction. The fourth is selling but has yet to start construction, while units at the final two have yet to be put on the sales block. They are all part of the $554 million Paladin Realty Latin America Investors III fund, whose Peruvian housing projects are projected to generate sales of $225 million.

All six of those projects are the product of a joint venture between Paladin