Starwood Land Ventures has recently acquired the Summerlake planned community in the Orlando, Fla., area for $28 million, the Wall Street Journal reported.
The company is looking to sell the roughly 1,500 home sites on the 557-acre plot to builders who are betting on the area’s recovery.
Summerlake is close to both Walt Disney World and Medical City, a biotech park and hospital complex expected to create thousands of jobs.
Although industry experts say Orlando is still a poor economy, others note that activity has increased recently. Starwood has also bought – and sold – several other plots and properties in Florida.
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