Park Square Homes has sold the final phase of its BellaVida Resort community for just less than $4 million to a local Chinese American brokerage that will take over sales and target international buyers.
Park Square is wrapping up construction on the resort community's second phase and is in permitting now for the final 99 homesites. Last week an affiliate of MNM Real Estate purchased the undeveloped 28.3 acres.
"It will be the same concept and same brand name. Park Square will still be the builder," director of operations Xiao Pang told GrowthSpotter.
MNM International Group is headquartered in Beijing and has offices throughout mainland China, Hong Kong, New Zealand and now in Orlando.
"MNM International Group has focused our expertise on the ability to offer high quality, unique real estate investment opportunities for clients from around the world," Pang said."We are recognized as one of the largest internationally focused real estate brokerages in China."
The Orlando office will be tasked with exploring new development opportunities and partnerships throughout Florida.
"This company has sold a lot of our homes," Park Square CEO Suresh Gupta said on Tuesday. "They wanted to get into development, so I said you can buy the land. This way they're guaranteed (99) sales."
Pang said the firm has completed development projects internationally and was looking for the "best time and place" to enter the Orlando market. She and CEO Feng Wang selected BellaVida because of its proximity to attractions, dining and shopping, and because of the continued involvement of Park Square Homes.
"They are renowned for their quality of design and construction, and we quite simply could not have asked for better partners," she said.
Park Square launched BellaVida in 2005 with a mix of townhomes and vacation homes. The resort community, just off W192 at Oren Hatch Road, has a 6,700-square-foot clubhouse with movie theater and lounge, pool, fitness center and cyber lounge.
"During the recession, there was a phase where we had a lot of townhomes, but they weren't selling," Gupta said. "So we redesigned them as four-plexes, and that was a huge success. We didn't have to change the parking pads, and we have higher bedroom counts on those units."
The second phase opened in 2015 with a new lineup of contemporary models in a range of sizes, going up to 12-bedrooms. Prices start in the low $400s for the four-bedroom base models and approach $600,000 for the 4,831-square-foot San Clemente model. Every unit has a private pool.
"We have another Short-Term Rental Project, Sonoma at Tapestry, that was doing well," Gupta said. "We decided to copy those same houses and to target Brazilian and Chinese buyers. That was very successful."
Pang said MNM will be adding new amenities for Phase 3 and would continue to offer all eight floorplans at BellaVida. Vacation homes with 6-8 bedrooms tend to have the highest occupancy rates.
"I would say that right now, the larger homes are more in demand," she said. "For example, our most popular floorplan is the Santa Barbara which comes in at eight bed/six bath, just under 3,800 square feet."
As recently as last year Park Square considered exiting the vacation home market to focus on residential communities and commercial projects, such as apartment complexes, shopping centers and hotels.
The builder even sought to reposition some of its existing resorts for residential or age-restricted communities. Gupta said strong sales in 2018 gave him more confidence in the resort market. Now the builder is under contract to buy another 50 lots in its Solterra Resort community.
"We are going to remain in the Short-Term Rental market," Gupta said. "We're buying a big piece that's under contract now that will have over 400 lots. It's going through engineering now."