The Real Deal Miami

Two apartment properties in the Interstate 4 corridor sell for $72.6M

A 312-unit complex in Lakeland and a 125-unit complex in Plant City were nearly 100% leased when an Atlanta firm acquired them
January 27, 2019 03:00PM

Century Ariva Apartments in Lakeland

Two newer apartment properties in the Interstate 4 corridor between Tampa and Orlando sold for a total of $72.6 million.

Atlanta-based Centennial Holding Company acquired the apartment properties in Plant City and Lakeland, which were nearly 100 percent leased at the time of the transaction.

Centennial paid $54.6 million, or $175,000 per unit, for Century Ariva Apartments, a 312-unit complex in Lakeland. The seller was Highland City Gardens, LLC.

Centennial also bought Lakehouse Luxury Apartment Homes, a 125-unit apartment complex in Plant City, for $18 million, or $144,000 per unit.

Luis Elorza, Brad Capas and Robert Given of brokerage firm Cushman & Wakefield’s Florida Multifamily Group represented the seller of the Plant City property, Lakeside Garden of Plant City, LLC, and the Lakeland property, Highland City Gardens, LLC.

Developed in 2017 on about 40 acres in Lakeland, Century Ariva Apartment was 99 percent leased at the time of the sale. The property’s average unit size is 1,119 square feet and its average market-

Luis Elorza

rate monthly rent is $1,282.

Built in 2015 on approximately 28 acres in Plant City, Lakehouse Luxury Apartment Homes was 98 percent leased when Centennial acquired it. The average unit size is 989 square feet and the average market-rate monthly rent is $1,160.

“These assets are among the highest-quality rental communities in their respective markets and appeal to the top end of the rental market,” Elorza said in prepared remarks. The apartment properties also are in markets with “few direct competitors and a limited development pipeline.” – Mike Seemuth