PARK CENTRAL

Park Central is comprised of three garden apartment communities within a private gated complex aggregating 1,081 residential units (plus 2 commercial units) that RAK converted to condominium ownership in the highly desirable Millenia submarket of Orlando, Florida. RAK acquired the property and immediately embarked on a program to perform selective common area and individual unit capital improvements to prepare the units for marketing as individual condominium units. This work included, among other things, newly redesigned and refurbished clubhouses, a fitness center, WiFi system, landscaping enhancements, enhancements to the on-site restaurant and spa facilities, other common area upgrades, designing and furnishing model units and creating and implementing unit upgrade packages.

Within approximately 18 months of approval of the condominium plans, RAK sold and closed almost 450 units at prices in excess of its original projections, despite a challenging real estate sales environment, which was compounded by the infamous “subprime mortgage crisis.

park central

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