A Virginia real estate investor has paid $1 million for an 11-unit vacation rental community that backs up to Kissimmee's Osceola Heritage Park.
Located at 1888 Fortune Road, the complex consists of two three-bedroom/two-bath units and nine five-bedroom/three-bath units. Built in 2001, each rental unit has a private, enclosed pool.
Richard Crespo, owner of One World Realty in Virginia, bought the complex through an affiliate, SEP Miami. The company took out a $600,000 mortgage from First National Bank of South Miami to finance the purchase.
He told GrowthSpotter on Thursday he's planning minor renovations -- painting, landscaping and new furniture -- and will offer the units for both short-term and long-term rentals.
"We have rental properties in Tampa," Crespo said. "We have a lot of clients who are retiring or relocating from New York and Connecticut. They're looking for something to rent for three months, just until they can find a place to buy."
Crespo also will market the units to visiting tourists from South America. "We're based in Virginia but we have a branch in Miami," he said. "We have a lot of families from Brazil, Argentina and Venezuela who come to Orlando and like to stay for a month to go to the parks and shop."
The 1.5-acre parcel is located within the E192 CRA District and falls into the proposed institutional zone of the new E192 design guidelines. The ordinance, which goes to the Osceola County Planning Commission on Thursday, encourages development of multi-level hotels in that zone.
Existing buildings may remain as is, but any redevelopment of the site would have to comply with the new rules.