Centennial Invests $205M in SE Multifamily Portfolio

Centennial Holdings, an Atlanta-headquartered owner and manager of multifamily properties, acquired a portfolio of six apartment complexes from U.S. Advisors/Creekstone for $205 million, or approximately $105,344 per unit.

The 1,946-unit portfolio includes six communities in Atlanta, GA, and Charlotte and Durham, NC. Centennial said it plans to hold the properties for four to seven years. The Charlotte and Durham assets will close as part of the portfolio sale later this month.

The average age of the properties is six years.

The breakdown of the portfolio is as follows:

* Preston Pointe at Windermere, 346 units at 3100 Preston Pointe Way in Cumming, GA;


* Preston Park at Satellite, 440 units at 2110 Preston Park Drive in Duluth, GA;


* The Heights at Peachtree Creek, 340 units at 3001 Northeast Expressway in Atlanta, GA;


* Preston Landing at Sweetwater Creek, 240 units at 1100 Preston Landing Circle in Lithia Springs, GA;


* Parkside, 300 units at 605 Candler Lane in Charlotte, NC; and,


* Courtney Creek, 280 units at 2850 Courtney Creek Blvd. in Durham, NC.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.

source: costar.com