Orlando Community Commands $43M
- Oct 18, 2016
Centennial Holding Company has acquired the first phase of Crest at Millenia, a new 252-unit Class A+ multifamily community in Orlando, Fla., from Lennar Multifamily Communities for $42.8 million. Cushman & Wakefield negotiated the sale on behalf of the seller.
“The first phase of Crest at Millenia generated tremendous interest from the investment community,” said Jay Ballard, Cushman & Wakefield’s Capital Markets Multifamily Advisory Group’s executive director. “Investors continue to pursue premium assets offering a live-work-play lifestyle in markets with immediate access to recognized employers as well as high-end retail, dining and entertainment.”
Developed earlier this year on a 12.8-acre site, Crest at Millenia’s phase one consists of 241,206 square feet over eight buildings, with an average unit size of 957 square feet. Units feature hardwood-style flooring, granite countertops in kitchens and baths, stainless steel appliances, 42-inch designer custom cabinets, crown molding; rounded corners on all walls, sleek undermount sinks, ceramic tile floors in bathrooms, USB charging stations in bedrooms and kitchen and washers and dryers in all units.
Community amenities include a resort-style salt water pool with private cabanas, a grilling courtyard, hammock grove, dog park, game room with billiard tables, bocce court, 24-hour fitness center, resident hub, extra storage and 358 parking spaces.
Located at 5100 Millenia Waters Drive in Orlando’s Millenia submarket, the property is adjacent to The Mall of Millenia, which offers 1.1 million square feet of luxury retail space and attracts 10 million guests per year. It’s also close to Interstate 4 and Florida’s Turnpike, offering easy access to some of the region’s top employers, such as Universal Studios, Walt Disney World, Sea World, Darden Restaurants and Lockheed Martin.
Ken Delvillar, Cushman & Wakefield’s Capital Markets Multifamily Advisory Group’s senior director, also worked on the deal. He and Ballard have worked closely with LMC throughout the development, including advising on the acquisition of an adjacent 13.5-acre site for Crest at Millenia Phase II, a 272-unit community expected to come online later this year.