As many developers go vertical with condo projects across South Florida, Moderno Development Group and Gaia Real Estate Holdings are betting on continued demand for single-family homes.

The two firms launched a $150 million fund called MILAS, which stands for Miami land and single-family, to buy hundreds of homes and townhouses in neighborhoods in and near the city’s urban core, said Doron Broman, founder and CEO of Miami-based Moderno. They also plan a second $150 million phase next year.