RESOLVE FUND I

Our first acquisition. Funded by us, before we ask anyone else to.

Resolve Fund I is Dissonant Capital's vehicle for distressed and undervalued real estate across the full capital stack, raw land through hospitality, in Orlando, Florida. We're self-funding its first acquisition rather than asking outside investors to be the first capital in.

Aerial rendering of a 10-unit urban infill development in Orlando, acquired out of foreclosure — Resolve Fund I's first acquisition

THE THESIS

Distress creates the same gap we look for everywhere else on this site.

Distressed pricing usually isn't about a bad market, it's a seller in the wrong spot at the wrong time: a construction loan that matured before stabilization, an owner who bought at the top of the last cycle, a project that ran out of equity halfway through entitlement. Resolve Fund I is built to be the buyer in that moment, in a market we already know closely: Orlando.

ACROSS THE CAPITAL STACK

One strategy, six ways in.

Distress shows up differently depending on where an asset sits in its lifecycle. Resolve Fund I is built to buy at any of these entry points, not locked into one product type or one deal structure.

WHY WE'RE FUNDING THIS OURSELVES

We're not asking anyone to underwrite our first deal on faith.

Dissonant Capital has no operating history of its own, we say so plainly elsewhere on this site. Rather than ask outside investors to be the first capital into that gap, we're seeding Resolve Fund I's first acquisition with our own capital. It's a smaller, more concentrated bet than a fund raising outside commitments would take on, and that's deliberate, we'd rather prove the model with our own money first.

Resolve Fund I is expected to open to outside, credentialed investors for future acquisitions as the strategy proves out. Request an introduction → to be notified when that happens.

DILIGENCE

The same rigor, on every acquisition.

Every opportunity Resolve Fund I considers, land, development, value-add, or a stabilized asset, runs through the same process: city and market research, real estate market data, comparable-property diligence, physical site due diligence, sourcing, feasibility and entitlement review, and deal structuring.

See our full underwriting process →

IN UNDERWRITING

Five Orlando opportunities, underwritten.

Each one was sourced from a public listing and run through the same screen: basis against replacement cost, current market data, and what has to be true for the numbers to work. The working names are ours. None has been acquired, no offers have been made, and any of them may not proceed.

Hotel · reposition or convert

Keystone

South Orange Blossom Trail, Orlando 32809

162Keys

$9.0MAsking

$55.6KPer key

3.88 acSite, C-1

1971Built

2021Renovated

Why we're looking

Priced at roughly a quarter to a third of what a new limited or select service hotel costs to build today, about $170,000 to $200,000 per key.
Two exits from one basis: run it as a hotel, or convert the exterior corridor rooms to studio apartments under Florida's Live Local Act, which allows housing on commercially zoned land.
The studio rents we would target sit well under Orange County's 2026 limit of $2,415 at 120% of area median income, so the affordability requirement does not cap our rents.

What could go wrong

No trailing financials yet, 1971 building systems, and a conversion needs permits plus a 30 year affordability covenant on 40% of the units.

Desk underwriting complete · no offer made

Hotel · operational upside

Park Central

Millenia and Park Central, Orlando 32839

200Keys

$11.9MAsking

$59.5KPer key

3.82 acSite, C-1

1975Built

~$3M2024 capex

Why we're looking

Between Universal, the Mall at Millenia and downtown, in a market where hotel occupancy reached 74.1% in July 2026.
The capital work is already done, and the seller reports revenue nearly doubled year over year with the hotel still capturing only 72% of its fair share of market revenue.
The basis sits far below what it would cost to build any new hotel along the Universal corridor.

What could go wrong

The ramp has to show up in trailing twelve month numbers, not a pro forma, and new hotel supply near Universal delivers in 2026.

Desk underwriting complete · no offer made

Multifamily · value add

Cedar Court

Pine Hills, Orlando 32808

40Units

$5.4MAsking

$135KPer unit

8.19%Listed cap rate

2.72 acSite

1966Built

Why we're looking

One of the few Orlando apartment listings offered above an 8% cap rate on in-place income.
The one renovated unit already rents for $300 more, and asking rents in the zip code run $1,450 for a one bedroom and $1,525 for a two bedroom.
About 0.7 acres of excess land could hold roughly 20 more units later, and none of that is in the price.

What could go wrong

The income is the seller's until we verify the rent roll, and 1966 plumbing, electrical and Florida insurance costs all need to be priced.

Desk underwriting complete · no offer made

Entitled land · hotel development

Beacon

Destination Parkway, Universal corridor, Orlando 32819

111 to 119Permitted keys

$4.6MAsking

$40KLand per key

2.16 acSite

5Stories planned

PermittedPlans

Why we're looking

Fully permitted, shovel ready plans for a select service hotel remove 12 to 18 months of entitlement risk.
Minutes from Epic Universe, Universal and the Orange County Convention Center, with I-4, SR 528 and Sand Lake Road access.
At today's construction costs the deal lives or dies on the land basis, so we are underwriting price and structure, including a joint venture with the landowner.

What could go wrong

Construction pricing, franchise terms, interest rates on construction debt, and new hotel supply near Universal in 2026.

Desk underwriting complete · no offer made

Raw land · distress sale

Uplands

Central Florida Research Park, next to UCF, Orlando 32826

31.97 acGross

$700KAsking, cash

3.79 acUplands

$21.9KPer gross acre

$185KPer upland acre

IND-2/3Zoning

Why we're looking

A listed distress sale, priced well below Orlando industrial land currently listed at about $474,000 to $1.25 million per acre.
A signalized corner inside a 1,000 acre research park with about 150 companies, next to the University of Central Florida.
A small check with a long option: the value comes from confirming usable acreage and, where the rules allow, reducing the wetland buffer or mitigating.

What could go wrong

The wetlands appear to fall under Army Corps jurisdiction, a 100 foot buffer cuts into the uplands, and the seller is offering no due diligence period.

Desk underwriting complete · no offer made

Market data: Visit Orlando hotel results for July 2026; HVS U.S. Hotel Development Cost Survey 2026; Florida Housing Finance Corporation 2026 rent limits for Orange County; RentHop 32808 rents, September 2026; public listings on LoopNet and Showcase, September 2026. Figures are from public listings and have not been verified with sellers. Nothing on this page is an offer to sell, or a solicitation of an offer to buy, any security.

STATUS

Where things stand today.

Orlando, FLSTRATEGY FOCUS

Self-FundedFIRST ACQUISITION

UnderwritingCURRENT STAGE

PIPELINE

Seven Orlando opportunities in underwriting

Working names. None has been acquired, and any of them may not proceed.

Aerial photo of a build-to-rent townhome community around a landscaped lake, Orlando, FL — Working name: Millpond, build-to-rent townhomes, in underwriting

Aerial site plan for a mixed-use infill development with single-family lots, townhome buildings, a wrap building, and a condo building, Orlando, FL — Working name: Trestle, mixed-use infill site plan, in underwriting

Resolve Fund I is a self-funded initiative of Dissonant Capital LLC. Nothing on this page is an offer to sell, or a solicitation of an offer to buy, any security, and Resolve Fund I does not currently accept capital from outside investors. Any future offer will be made only by means of definitive offering documents, and only to investors who meet applicable eligibility and suitability requirements. Statements regarding strategy, markets, or anticipated performance are forward-looking, inherently uncertain, and actual results may differ materially.