ORLANDO, FLA. — Snell Properties, an investment firm based in the Washington, D.C. area, has acquired Citi Tower, a 233-unit apartment building in downtown Orlando’s South Eola district, for $106 million. The price equates to roughly $455,000 per unit.
Built in 2017, the 25-story building contains studio, one-, two- and three-bedroom units, all of which have private balconies. Apartments feature granite countertops, floor-to-ceiling windows, stainless steel appliances and individual washers and dryers. Citi Tower also houses 11,000 square feet of retail space.
Amenities include a pool, fitness center and an outdoor lounge, all of which offer panoramic views of downtown Orlando, as well as a conference room and an outdoor kitchen area with grilling stations and seating areas. There are also more 185 retail and restaurant establishments within walking distance of the property, according to Snell.
“Citi Tower is our third successive acquisition in Central Florida,” says Chris Hanessian, president of Snell Properties. “Orlando’s thriving economy, impressive infrastructure and strong demographics make it an ideal market for investment.”
“Citi Tower’s many strengths include high-quality construction, an unbeatable location in downtown and the coolest rooftop in Orlando,” adds Peter Colarulli, vice president of Snell Properties.
Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the undisclosed seller in the transaction. Snell Properties has tapped Bainbridge Partners to manage the property.
—Taylor Williams