The Fountains at Champions Gate, an 80-townhome luxury vacation rental resort, opened June 1 after four months of delays but has completely sold out to Chinese and British investors, the developer's CEO told GrowthSpotter.
Davenport-based The Feltrim Group developed the $25 million Fountains project via affiliate Feltrim Developments NA, which also served as general contractor. Hawaii-based Aston Hotels, which manages Feltrim's other ChampionsGate condo resort Tuscana, will manage the new property.
Construction began in January 2014 and was originally projected for 15 months, but was delayed four months due to problems with power supply lines being extended to the site, said Garrett Kenny, Feltrim CEO.
The fully furnished units sold for an average of $350,000, with half the properties bought by Chinese owners and the other half by British through real estate broker connections that Kenny has cultivated in both markets over more than a decade.
"Most of our business involves sales to overseas buyers, but this project showed us a big increase in the number of Chinese buying in Central Florida," he added. "They predominantly went to California and New York previously but are now looking to Florida for good value."
The Fountains opened for short-term rental on June 1, with rates starting at $169 per night for three bedrooms and $199 per night for four bedrooms. The final units should be finished by the end of July.
Feltrim Developments put down 15 percent of the equity in the project's total cost to acquire the land and entitle it, said Kenny, then financed the rest through a local private group of investors.
Feltrim Group has been active in real estate planning and development in Central Florida for 19 years, and is seeking growth opportunities in the ChampionsGate area due to its proximity to major theme parks, highway access to dining and retail and close access to top-rated golf courses, Kenny said.