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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.