ORLANDO, FL - Arlington, Virginia-based Snell Properties has closed on the purchase of Citi Tower, a 233-unit apartment community with 11,000 square feet of retail space in downtown Orlando.
“We are beyond thrilled 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 location in downtown, and the coolest rooftop in Orlando.”
Citi Tower, located at 101 Lake Avenue in South Eola/Thornton Park, is within a 10-minute walking distance of more than 185 restaurants, bars, stores, and venues, including the Amway Center, Exploria Stadium, and the Dr. Phillips Center for the Performing Arts.
The 25-story building was constructed in 2017 and contains studio, one, two, and three-bedroom floorplans, all with balconies. Apartment interiors feature granite countertops, floor-to-ceiling windows, plank flooring in living spaces, stainless steel appliances, side-by-side washer and dryers, and spacious closets. Residents enjoy a rooftop fitness center, saltwater pool, and outdoor lounge that all offer panoramic views of downtown. Additional community amenities include an outdoor kitchen area with grilling stations and seating areas, ample storage, and a conference room for residents.
The Local Draught House, Velvet Nail Bar, and Great Harvest Bread Company (opening in July) occupy the ground-floor commercial space at Citi Tower. Residents are only one block away from a Publix grocery store and one-and-a-half blocks from Lake Eola, which hosts more than 100 events every year including a weekly farmer’s market on Sundays.
Citi Tower is also within walking distance of Orlando’s central business district, which boasts more than 4,390 businesses and 85,000 jobs across industries such as healthcare, financial services, hospitality, construction, and engineering.
Total employment in Orlando currently exceeds pre-COVID levels, with the unemployment rate sitting at 2.9%, according to the Bureau of Labor Statistics. In 2021, Orlando had the fifth highest economic growth of any major city in the United States. As the economy recovered from the pandemic, the housing market followed suit. This year, Zillow ranked Orlando as the 9th hottest housing market in the country.
In the past two years, Snell Properties has assertively expanded its portfolio beyond its home base through the strategic acquisition of Class-A assets in economically strong submarkets in North Carolina, Tennessee, Virginia, and Florida.
“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 across the Southeast.”
Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the seller in the transaction. Bainbridge Partners has been retained to manage the property.