The Real Deal Miami

FM Capital buys fractured condo in Kissimmee

The price averaged about $92,700 each for 196 bulk-owned units in a 216-unit development
December 10, 2016 12:30PM

Cambria At Polos South, 2109 Polo Club Drive in Kissimmee

Cambria At Polos South, 2109 Polo Club Drive in Kissimmee

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.