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Centennial Holdings Buys Portfolio for $205M

ATLANTA-The six-property portfolio has a total of 1,946 apartment units in Atlanta; Cumming, GA; Duluth, GA; Lithia Springs, GA; Charlotte, NC; and Durham, NC.

By Gina Kenny | Updated on December 04, 2007

(Read more on the multifamily market.)

ATLANTA-Centennial Holdings, based here, is acquiring a six-property multihousing portfolio for $205 million. The seller was a partnership of US Advisors LLC, headquartered in Napa, CA, and Creekstone, based in Houston. The portfolio contained a total of 1,946 apartment units.

The company has already closed on four properties which are located here and the surrounding area. Centennial is expected to close on a property in Charlotte, NC on Dec. 12 and a property in Durham, NC on Feb. 15. The portfolio had a cap rate of “roughly” 5¾%, says Sean Henry, a principal with Atlanta-based Apartment Realty Advisors, which represented the seller in the transaction.

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