An Atlanta investment firm headed by former Olympic Games CEO Billy Payne has purchased an apartment complex in Osceola's exclusive ChampionsGate community.
Centennial Holding Co. paid $41 million for the 304-unit complex formerly called Integra Meadows. The company is renaming the community "Century ChampionsGate."
The transaction took place four months after the holding company sold one of its Orlando properties, Century Palms just off International Drive, for $37 million.
Centennial has a multi-state portfolio of more than 35 communities, including Century Citrus Tower in Clermont. A typical transaction involves "contemporary, upscale communities (garden and mid-rise) with more than 125 units, located in growth areas near employment, entertainment and recreation destinations."
Centennial typically spends between $10-50 million per asset and maintains ownership for 4-7 years, according to the company website. Company officials could not be reached for comment.
Grandbridge Real Estate Capital provided $29.5 million in financing for the acquisition. Taylor Williams and Purvesh Gosalia of Grandbridge originated the fixed-rate, non-recourse loan through BB&T Real Estate Funding.