ORLANDO-SunVest BC Development LLC, a condo converter and subsidiary of Hallandale-based SunVest Communities USA LLC, has purchased the Briar Creek Apartments from ECD-Briar Creek LP for $33 million. The price for the 386-unit community at 5575 Rose Briar Way in southeast Orlando equals $85,492 per unit.
The buyer plans to convert the property to condos with starting prices in the low $100,000s. The property will also be renamed Regency Gardens, according to Coldwell Banker the Condo Store which is handling on-site sales and marketing for the project. Wachovia funded the acquisition.
SunVest Communities USA LLC, founded in 1978, has sold 20,000 condo units in 100 developments, racking up a total $2 billion in sales over the past 28 years, according to the company's website. The company's developments are in Florida, Las Vegas, Arizona, Colorado and Texas.
In Central Florida, SunVest purchased two multifamily properties in August 2005. The developer paid $35 million, or $126,812 per unit, for the 276-unit, 94%-leased Courtney Landing Apartments and $32 million, or $71,111 per unit, for the 450-unit, 95%-leased Avalon Apartments at 4417 S. Semoran Blvd., near Courtney Landing.
In November 2004, SunVest and joint venture partner Hamilton Investment Group of Coral Gables paid Gray Property $16 million, or $55,556 per unit, for Blossom Park Villas. Formerly known as Parkway Village, the 288-unit, 15-acre community is one mile from Walt Disney World. Wachovia also funded that acquisition.
In October 2004, SunVest paid $42.2 million, or $115,934 per unit, for the 364-unit, six-story Lincoln at Delaney Square in Downtown Orlando.
In west Florida, SunVest acquired the 336-unit Grand Venezia at Bay Watch in Clearwater and other related units in September 2004 from Del American Inc. of Altamonte Springs for a total $68 million or an average $161,139 per unit. The Grand Venezia price was $49 million or $145,833 per unit. The remaining inventory at Bellagio at Bay Watch went for $19 million or $222,087 per unit.
GlobeSt.com previously reported on all of the deals.
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