Oviedo, Fla.-based real estate investment and development firm Hill Gray Seven announced its purchase of the site of two old multifamily communities in Winter Park and expects to break ground this summer on a new “ultra-luxury” townhome complex, reports Orlando Business Journal staffer Anjali Fluker.

The project is planned to include 10 three- and four-bedroom units that are 4,200 square feet in three-story buildings with elevators, two-car garages, private entrances, and private terraces.

On Monday, Hill Gray Seven paid $5.1 million to buy two parcels totaling about 1 acre with existing multifamily buildings that will soon be demolished.

“Everything in this townhome is what you would find in a $15 million-dollar home,” CEO Gregg Hill told OBJ, declining to give an anticipated price range on the units but it appears the units will be priced from more than $3 million. “These are the highest end townhomes that have ever been done in Central Florida. The [comparable sales prices] here will forever change the market.”

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