ORLANDO-SunVest Communities USA LLC has chalked up $1 billion in metro apartment acquisitions in the last 18 months, with the $38-million purchase of the 364-unit Hawthorne Village community at 9917 Turf Way in south Orlando. SunVest paid five times more than the seller paid for the property in 2004, according to GlobeSt.com research.

SunVest paid Olympic Hawthorne Village LLC of Seattle $104,396 per unit for the 27-acre site that has 47 two-story buildings comprising 1,000-sf, two-bedroom, two-bath apartments and surface parking for 546 vehicles. The 19-year-old property was 92% occupied at closing.

When Olympic purchased Hawthorne Village in November 2004, the company paid Hawthorne, NY-based GDC Properties Inc. $7.58 million or about $20,823 per unit, as GlobeSt.com previously reported. Olympic did the 2004 deal as a joint venture with an undisclosed life insurance company.

At that time, area multifamily brokers told GlobeSt.com the $20,823 per unit price was at least $10,000 below estimated 2004 replacement cost. Those same brokers, who asked for anonymity because they may be involved in future deals with the buyer and seller, tell GlobeSt.com SunVest's $104,396-per-unit price is about at market level for replacing the 47 buildings today. Prior to Olympic's purchase, Hawthorne Village was called Crystal Village.

The transaction represents the ninth conversion, totaling 4,339 units, in the Orlando market for the Hallandale-based investor-developer. The Hawthorne Village purchase also cements SunVest's position as the No. 1 condo converter in metro Orlando, based on total acquisitions and number of units acquired in the past 18 months, according to GlobeSt.com research. Ohio Savings provided acquisition financing.

A SunVest representative tells GlobeSt.com condo prices will start in the upper $100,000s. Amenities include two swimming pools, heated spa, two lighted tennis courts, clubhouse with a party kitchen, 24-hour private fitness center, a business center, children's playground, laundry facility, car-wash area and a library.

Hawthorne Village is minutes from Sea World, the Ritz-Carlton hotel, Interstate 4, the Beeline Expressway and the Florida Turnpike. Coldwell Banker the Condo Store is handling sales and marketing.