Turning Avalon Apartments into Orlando Condos

In a transaction that took only 90 days to complete, SunVest Communities LLC of Hollywood, an active Orlando condo converter, acquired Avalon Apartments from North Carolina-based Orlmark Associates.

SunVest bought the 30 year old complex, located north of the Orlando International Airport at 4417 S. Sermon Boulevard, with the intention of converting its 450 units into Orlando condos.

The apartments sold at a cool $32 million, meaning that SunVest paid $71,111 per unit, a sum that it will easily recover once the apartments have been converted into Orlando condos. The asking price will be between $90,000 and $200,000 per unit.

A SunVest representative said that their investment in Orlando condos is “an excellent opportunity in a very hot market in which SunVest has owned other properties,” and promised that “SunVest will continue to purchase properties in Orlando for condominium conversion.”