The Irlo Phase II - Seralago Suites
Expanding Affordable Housing in Kissimmee
Expanding Affordable Housing in Kissimmee
Executive Summary
Upon completion, the property will be rebranded as The Irlo to capitalize on the first project's success.
We anticipate that post-renovation, the property's stabilized value will enable refinancing, offering investors an exit strategy within 2.5 to 3 years from the start of construction, with projected returns of 25-30% IRR per year.
This endeavor reflects Banyan Group's dedication to creating sustainable, community-focused developments that deliver both social impact and financial performance.
10/01/24 - Banyan Group is proud to announce Seralago Suites, the second phase of our successful adaptive reuse initiative in Kissimmee, Florida.
Building on the achievements of The Irlo—a 405-unit hotel transformed into studio suite multifamily housing that surpassed leasing expectations—we are set to convert the adjacent 614-room Seralago Hotel into 554 studio units and 60 one-bedroom apartments.
This project aims to address the increasing demand for workforce housing in one of the nation's fastest-growing markets.
Located in the heart of the Kissimmee Celebration Tourism Corridor, Seralago Suites will offer affordable and comfortable living options for employees of major nearby employers, including Disney, Universal Studios, and SeaWorld.
By acquiring properties below replacement cost and undertaking comprehensive renovations, Banyan Group strives to provide much-needed workforce housing while ensuring substantial returns for our investors.
“Our vision for the Seralago project is to transform an iconic space into a vibrant community asset, creating lasting value for residents and the local economy through impactful, sustainable development.”