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Echelon City Center apartment complex sells in $90.8M deal
California-based development group A.G. Spanos Companies has sold a key piece of property that’s part of the first phase of the mixed-use Echelon City Center development.
A.G. Spanos sold the 312,936-square-foot Axio at Carillon apartment complex in a $90.85 million deal to the New York-based Sentinel Real Estate Corporation, which owns multiple multifamily developments.
A rendering of the Axio at Carillon apartment complex. Axioliving.com.
The five-story, 298-unit luxury apartment complex, which was previously known as the Grove Isle at Echelon City Center, opened this year.
The 2.57-acre site also includes a six-level parking garage. The amenities include social lounges with a café, a golf simulator, two courtyards with saltwater pools and a fitness center with a spin and yoga room.
It sits across from the planned Topgolf entertainment center is planned.
The complex is one of the projects within the Echelon City Center, a 20.5-acre development initially unveiled in 2015. It’s expected to have over a thousand residential units, office space, a 120-key hotel and ground-floor retail space.
WaterView at Echelon City Center is another project that recently opened in the center. It’s a 15-story building with 226 rental apartments, 13,400 square feet of ground-floor retail and structured parking.
The buying entity, Sentinel Real Estate Corporation, took out a $50 million mortgage from Regions Bank for the purchase of the Axio apartments.
The Axio at Carillon apartment project when it was under construction. GoogleMaps.
Sentinel has purchased other developments in the region such as the Preserve VII, a Class-A, 115,000-square-foot office building in Tampa from Highwoods Properties Inc.
Sentinel’s president, Michael Streicker, recently spoke to IREI Americas about the positive long-term outlook for suburban apartments due to the rise of millennials migrating to the suburbs as they age, rising flexibility for remote work and strong employment centers emerging in suburban locations across the country, according to a recent blog from the firm.
