Based on the land value itself, the price equates to $2.4 million per acre or $55 per sf. Area industrial brokers familiar with the Kissimmee submarket tell GlobeSt.com the 150 villas can't be replaced today for less than $100,000 per unit or a total $15 million.
The buyer has renamed the property Saratoga Resort Villas and plans to invest at least $2 million in renovations before converting the asset to a condo hotel, people in a position to know tell GlobeSt.com. The existing property has about 20,000 sf of retail, a restaurant, bar and a tennis court.
SRV has tapped Orlando-based Avista Hotels to manage and oversee renovations at the property which was 84% occupied at closing. Aztec Group Inc. of Coral Gables arranged the sale and first mortgage financing for SRV through City National Bank. The two-year Libor-based loan for $16.2 million is being repaid on an interest-only basis.
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