SunVest/Hamilton, a joint venture of two South Florida developers with a combined 30-year track record in apartment-condominium conversions, is asking $69,990 to $98,990 for one-bedroom, 750-sf units and two-bedroom, 1,000-sf units.
"We are priced well below market value, making us the best value in Central Florida," says Hector Aragon, a principal with Serafin Garcia in Coral Gables, FL-based Hamilton Investment Group. "For investors, a purchase at Blossom Park Villas offers the benefit of immediate income from existing tenants."
Blossom Park Villas is the 14th joint venture for SunVest/Hamilton. The group bought the real estate from Gray Property for $16 million, or about $55,556 per unit. Wachovia Bank funded the acquisition of the property which is surrounded by two lakes and fountains at 3000 Parkway Boulevard in this city, 20 miles south of Downtown Orlando.
"The closest condominium community to Kissimmee and Orlando's most popular attractions, Blossom Park Villas is in the heart of the action, featuring Disney World, the Wyndham Convention Center and Celebration, FL, all within a mile or less," says Louis Birdman, president of SunVest Resort Communities, a Hollywood, FL-based firm that has been converting and developing single-family, multifamily and resort communities throughout Florida since 1989.
SunVest has developed 8,000 units in 50 communities and has an aggregate sales volume of $1 billion. Hamilton Investment Group is a condo developer with over 6,000 units built in Puerto Rico and 2,000 units in Florida. The seven-year-old company has a portfolio of over 8,000 units worth more than $1 billion.
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