Snell Properties Visits Orlando for $106M Acquisition of Citi Tower
Arlington, VA-based Snell Properties has closed on the purchase of Citi Tower, a 25-story, 233-unit apartment community with 11,000 square feet of retail space in downtown Orlando, FL.
Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the seller in the transaction. Bainbridge Partners has been retained to manage the property.
Citi Tower, located in South Eola/Thornton Park, is within a 10-minute walking distance of more than 185 restaurants, bars, stores and major sports/entertainment venues. It is also within walking distance of Orlando’s central business district, which has more than 4,390 businesses and 85,000 jobs.
“Citi Tower is our third successive acquisition in Central FL; Orlando’s thriving economy, impressive infrastructure, and strong demographics make it an ideal market for investment,” said Chris Hanessian, president of Snell Properties. Over the past two years, Snell Properties has acquired Class-A assets in economically strong submarkets in NC, TN, and VA in addition to FL.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.