The price averaged about $92,700 each for 196 bulk-owned units in a 216-unit development
December 10, 2016 12:30PM
FM Capital, LLC, a real estate investment firm operating from Florida and New York, paid $18.17 million for a 196-unit fractured condominium in the Orlando area.
FM Capital, which has its Florida office in Hollywood, bought the development in Kissimmee, called Cambria At Polos South, for about $92,700 per unit.
Built in 1991 as a 216-unit rental housing complex, the property underwent a failed conversion to a condominium that left 196 unsold bulk-owned units.
The current owner purchased a mortgage loan secured by the property in 2009 and acquired full control of the bulk-owned units and the homeowners association in 2010.
The Kissimmee address of Cambria At Polos South is 2109 Polo Club Drive, within a 15-minute drive of Disney World and Universal Studios.