Centennial Holding Co. buys Citrus Falls

BUYER: Centennial Falls at Westchase LLC (Centennial Real Estate Fund III LP), Atlanta
SELLER: CREF Citrus Falls LLC
PROPERTY: 12011 Citrus Falls Circle, Tampa
PRICE: $35.25 million
PREVIOUS PRICE: $30.3 million, August 2011
LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION:
Atlanta-based Centennial Holding Co. LLC purchased the 273-unit Citrus Falls Apartments for $35.25 million.

The price equated to $129,121 per unit. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Built in 2003, the gated 13-building apartment complex occupies a 42.59-acre site. The community features a clubhouse, fitness center, laundry facilities, lakefront swimming pool, indoor basketball court and a car care center. It also includes jogging and walking trails around a lake, 47 detached garages and nine storage units. According to the Costar Group, units average 962 square feet.

As of June, the apartment was 96.7% occupied.

The purchase marks Centennial Holding's first apartment acquisition in the Tampa market. It owns three apartments in Orlando and one in Claremont.

“We've always had our eye on Tampa, but to date we had never found a property that fit the bill like Citrus Falls,” says Bronson Smith, director of acquisitions and dispositions for Centennial Holding. “It's in a highly desirable location with resort-style amenities, modern floor plans and diverse unit mix. We are looking to hold it as an investment asset for around seven years.”

The buyer plans to spend about $2,000 a unit on improvements to the property. It plans to add vinyl wood flooring, specialty lighting fixtures, designer ceilings fans, modern faucets and washers and dryers to the units. Centennial Holding will also seal coat and stripe the parking lot.

The purchase entity, Centennial Falls at Westchase LLC, mortgaged the property to CBRE Multifamily Capital Inc. for $25.74 million.

Centennial Holding is a private real estate investment firm focused on multifamily properties. It owns roughly 10,000 units in 33 apartment complexes in Florida, Georgia, North and South Carolina and Texas.