ORLANDO, FL – Arlington, Va.-based investor, developer and asset manager Snell Properties has acquired a 233-unit apartment community, Citi Tower, in downtown Orlando, Fla., for 106 millions of dollars.
The transaction represents the company’s first acquisition in the Orlando market.
Located at 101 Lake Ave., the 25-story multi-family tower additionally offers 11,000 square feet of retail space on the ground floor, which is occupied by Local Draft House, Velvet Nail Bar and Great Harvest Bread Co. .
Built in 2017, this luxury multi-family asset features an outdoor kitchen and living areas, storage space, conference room, and a rooftop with a fitness center, saltwater pool, and outdoor lounge.
The community is made up of studios, one-, two-, and three-bedroom units, which feature balconies, granite countertops, floor-to-ceiling windows, plank floors, stainless steel appliances, and washers and dryers. .
Located in the South Eola/Thornton Park neighborhood of the city, the Citi Tower is near a Publix grocery store and Lake Eola, which hosts over 100 events each year. The property is also located within walking distance of the city’s central business district, as well as more than 185 restaurants, bars, shops and venues, including the Amway Center, Exploria Stadium and the Dr. Phillips Center for the Performing Arts. .
Snell Properties has retained Bainbridge Partners to manage the property. Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the seller in the transaction.
“We are more than delighted to add Citi Tower to our expanding portfolio,” said Peter Colarulli, Vice President of Snell Properties. “Citi Tower’s many strengths include high quality construction, an unbeatable downtown location, and the coolest rooftop in Orlando.”
Orlando’s current employment rate of 2.9% is above its pre-COVID levels, according to the Bureau of Labor Statistics. In 2021, the city achieved the fifth highest economic growth of any major city in the United States. Additionally, Zillow ranked Orlando as the ninth hottest real estate market in the nation this year.
“Citi Tower is our third successive acquisition in Central Florida; Orlando’s thriving economy, impressive infrastructure and strong demographics make it an ideal market for investment,” said Chris Hanessian, president of Snell Properties. “We look forward to continuing to grow our presence in the Southeast.”