According to a deed recorded Thursday in Orange County, the fund paid $1.67 million for a roughly four-acre property at 1520 W. Orange Blossom Trail.
The seller, an entity tied to Adventist Health System, the parent company of AdventHealth, has held on to the land for longer than three decades. AHS also owns the Centra Care brand.
A spokesperson for the company confirmed Upshot's plans.
AdventHealth bought the two-parcel property in 1984 for a total of $253,500. At the time, most of its surroundings were vacant, but much has changed over the years, thanks in part to the opening of S.R. 429.
Today, the parcel neighbors a Home Depot-anchored shopping center called Apopka Commons. Other restaurants and retailers nearby include Taco Bell, Winn-Dixie and Lowe's Home Improvement.
More residential homes are also in the pipeline.
AV Homes subsidiary Royal Oak Homes is planning to build a new line of luxury homes on 103 acres west of S.R. 451. It paid $3.2 million for public land in 2017 after winning a bid put out by the city the same year.
Neither he nor Upshot CEO Raul Socarras were immediately available to comment.
Socarras is a veteran developer and land use attorney with more than 15 years experience in Greater Orlando.
His Orlando-based real estate investment group has projects in a number of major cities throughout Central Florida, including a Foxtail Coffee in Orlando's SoDo District; a new Centra Care in Lake Nona, said to be the urgent care brand's first location in southeast Orange County; and a $55 million mixed-use project underway on 28 acres of land in Kissimmee's E192 tech corridor.
Earlier this month, AdventHealth expanded its corporate office by purchasing an office building within the Maitland Preserve office park for $6.85 million.