Centennial Holding Company Acquired Century Ariva Apartments and Lakehouse Luxury Apartment Homes
Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield’s Florida Multifamily Group represented Highland City Gardens, LLC in the sale of Century Ariva Apartments, a 312-unit community in Lakeland, FL. Atlanta-based Centennial Holding Company, LLC acquired the property for $54.6 million ($175,000 per unit).
Elorza, Capas and Given also arranged the sale of Lakehouse Luxury Apartment Homes, a 125-unit community in Plant City, FL, on behalf of Lakeside Garden of Plant City, LLC. Centennial Holding Company, LLC acquired the asset for $18.0 million ($144,000 per unit).
“These assets are among the highest-quality rental communities in their respective markets and appeal to the top end of the rental market, enabling Centennial to acquire superior quality properties in a high-growth market that exhibits consistent, strong performance with few direct competitors and a limited development pipeline,” said Elorza.
Century Ariva Apartments
Century Ariva Apartments was developed in 2017 on a ±40.0-acre site in Lakeland. The property offers a mix of one-, two- and three-bedroom units. The average unit size is 1,119 square feet with an average market rent of $1,282. The community was 99% leased at the time of sale.
Units at Century Ariva Apartments feature designer gourmet kitchens, granite countertops, private screened in balconies and decorative lighting. Community amenities include a zero entry resort style pool and spa, a mini movie theater, a 24-hour package center, an Internet café, a 24-hour gym with kids and spin room, grilling areas and a one-mile private jogging path.
Century Ariva Apartments is located at 5190 Ariva Boulevard, providing exceptional access to Lakeland’s retail, dining, employment and entertainment centers. The property also caters to commuters working in the Tampa and Orlando markets, both within a one-hour drive of Century Ariva Apartments.
Lakehouse Luxury Apartment Homes
Lakehouse Luxury Apartment Homes was constructed in 2015 on a ±28.0-acre site at 3003 South Frontage Road in Plant City. The property sits adjacent to a ±20-acre lake and houses a mix of one-, two- and three-bedroom units. The average unit size is 989 square feet with an average market rent of $1,160. The community was 98% leased at the time of sale.
Units at Lakehouse Luxury Apartment Homes feature a through-unit design providing all residents with lake views; intrusion alarms; large, screened patios and balconies; a breakfast bar; a built-in microwave; full-size washer and dryer; nine-foot ceilings with crown molding; upgraded lighting, lighted ceiling fans in every room; large walk-in closets; double sinks in master bathrooms; upgraded window treatments Select units offer faux wood plank flooring; split floor plan designs and attached, two-car garage.
Community amenities include controlled access gates; lake frontage with fishing areas; a lakeside pool, deck and spa; an outdoor lanai with seating area; grills and picnic areas; a fire pit; a 24-hour fitness center with free weights; a business center and computer station; a playground; a dog park and pet washing station; a car care center and recreational vehicle parking.
Lakehouse Luxury Apartment Homes offers immediate access to Interstate 4 by virtue of two nearby interchanges (Exits 22 and 25) and has direct Interstate frontage, providing extraordinary visibility to more than 130,000 cars per day. The property’s location, proximate to the Tampa, Orlando and Lakeland-Winter Haven Metropolitan Statistical Areas, appeals to commuters working in these markets.
Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern, Nick Meoli and Mike Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; Julie Bohn in Jacksonville; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.