CGI Strategies Acquires 166-Unit Luxury Apartment Community in Orlando, FL
Developed in 2007 by the seller, Cane Island features a mix of two-, three- and four-bedroom floor plans ranging in size from 1,195 to 1,560 square feet. Featuring floor-to-ceiling heights of up to 10 feet, the units includes high-end finishes such as granite countertops, condo quality cabinetry, hard surface flooring in the kitchen and bathrooms and large walk-in closets. Situated around a large pond on a 16-acre site, Cane Island is also highly amenitized with gated entry, clubhouse with game room, fitness center & sauna, and resort style pool.
"Cane Island represented an excellent opportunity to increase our Orlando multifamily portfolio with an institutionally owned and professionally managed property that is already attractively positioned within the Kissimmee submarket," said Mark Cohen, CGI Managing Partner in the Southeast Region. "Current ownership has done a wonderful job operating the property and we plan on building upon their success with a thoughtful value add program."
Planned improvements include light interior renovations and color schemes, updating the clubhouse and fitness center, enhancing the pool and spa area by adding cabanas and outdoor cooking stations, and adding a new dog park and internet café.
"The tourist corridor in South Orlando is one of the highest growth markets in the entire state and continues to draw significant interest from buyers," said ARA Director Ryan Moody who along with Director Scott Ramey, Executive Managing Director Patrick Dufour, Vice Chairmen Richard Donnellan and Marc deBaptiste, represented the seller. "Opportunities to acquire a 2007 vintage asset in this submarket are extremely rare and we were able to secure an aggressive offer from a qualified buyer prior to formally marketing the property," added Ramey.
Cane Island is a well-positioned asset providing its residents with an easy passage to Orlando's best entertainment and shopping, and to Orlando's main business district. Cane Island is located minutes away from Walt Disney World and the property's proximity to the 192 and 535 provide it with easy access to Universal Studios, Sea World, Orlando Premium Outlets, Orange County Convention Center, and The Mall at Millenia. The property also benefits from its proximity to eight of Orlando's top ten employers providing more than 142,000 jobs, according to ARA.
Cane Island is located at 5251 Cane Island Loop. It was 98 percent leased at closing. Not included in the sale are 94 units that were sold as condominiums in 2007.
With the acquisition of Cane Island, CGI's Orlando portfolio totals 526 multifamily units.
About CGI Strategies
CGI Strategies (http://www.cgistrategies.com) is a Los Angeles based value-add real estate investment and development firm with regional offices in Atlanta and New York. The firm's $900 million portfolio includes multifamily, extended stay corporate housing and hospitality, and retail assets located in California, New York and key cities in the Southeastern and Southwestern U.S., particularly in underserved secondary and tertiary markets.
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