(To read more on the multifamily market, click here.)

ORLANDO-SunVest Communities LLC of Hollywood, one of the most active condo converters in Florida and Nevada, has acquired the 30-year-old, 450-unit Avalon Apartments off South Semoran Boulevard and just north of Orlando International Airport. SunVest Paid North Carolina-based Orlmark Associates LP $32 million, or $71,111 per unit, for the 95%-leased property at 4417 S. Semoran Blvd.

SunVest plans to convert the apartments to condos immediately with unit prices ranging from the $90,000s to the low $200,000s. Century Marketing International, headed by Joel Lazar, is handling sales and marketing. The property was a direct deal between buyer and seller and wasn’t on the market, a SunVest representative tells GlobeSt.com. The transaction took 90 days to complete, from contract signing to closing.

The deal was done at this time because “it was an excellent opportunity in a very hot market in which SunVest has owned other properties,” a company representative tells GlobeSt.com. “SunVest will continue to purchase [other] properties in Orlando for condominium conversion.” Avalon is one of three properties, representing more than 1,000 condos, that SunVest has recently purchased. The company is also an active condo converter in Las Vegas, Phoenix, Scottsdale, Houston and Vail, CO.

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