Snell Properties has expanded its central Florida footprint with the acquisition of a 233-unit apartment community in downtown Orlando, Fla. The company acquired Citi Tower for $106 million from an undisclosed seller that was represented by Walker & Dunlop’s Brian Moulder and Chris Chadbourne. According to Yardi Matrix data, the previous owner was Summa Development Group.
The 25-story apartment community was built in 2017 by Summa Development Group and offers studio, one-, two- and three-bedroom floorplans that range from 726 to 1,706 square feet. The units have balconies, floor-to-ceiling windows, and washer and dryers, while the community amenities include a fitness center, saltwater pool, outdoor lounge, outdoor kitchen area, conference room and storage.
Located at 101 Lake Ave., Citi Tower also has 11,000 square feet of retail space that’s currently leased to The Local Draught House, Velvet Nail Bar and Great Harvest Bread Co., which is due to open in July. The community is also near downtown Orlando’s many restaurant and retail options, as well as the area’s major venues like Amway Center, Exploria Stadium and the Dr. Phillips Center for the Performing Arts.
GROWING PRESENCE IN CENTRAL FLORIDA
The new ownership is planning to refresh Citi Tower’s lobby and some of its amenities, but is taking the first few months to evaluate and make a plan for improvements. Snell Properties also tapped Bainbridge Partners to manage the property.
The acquisition of Citi Tower is Snell Properties’ third successive acquisition in central Florida, Chris Hanessian, president of Snell Properties, said in prepared remarks. In November, the company acquired Channel Club, a 324-unit apartment community in Tampa, Fla., for $136 million. A few months prior to the Tampa deal, Snell Properties also acquired ARCOS, a 228-unit apartment community in Sarasota, Fla.
Over the past two years, the company has been expanding its portfolio beyond its home base in Arlington, Va. The portfolio now includes Class A communities in North Carolina, Tennessee, Virginia and Florida.