CGI+ Sells Luxury Multifamily Community in Orlando, FL for $74.5 Million
By: CGI+ Real Estate Investment Strategies
Originally completed in 2016, the property, which was then known as Sola at Celebration, suffered from construction defects and was vacated in 2017. CGI+ acquired the vacant community in 2019 for $43 million. After completing an exhaustive analysis, CGI+ Vice President of Development and Construction Mario Lopez and Ryan Bitzer from Turning Leaf Construction worked to bring the property up to code and received the final certificate of occupancy in February 2020.
During this time, CGI+ worked with Epoch Property Management to rebrand the community as Astoria at Celebration and stabilize the community. At the time of the sale the property was 99 percent leased.
The ability of the CGI+ staff to completely overhaul and renovate the seven building property in just over a year is a testament to the company's successful track record of successfully taking on other challenging projects according to CGI+ CEO Gidi Cohen.
"Our history as a ground up developer gave us both the experience and confidence that we could undertake a massive challenge like we did with Astoria and turn it into a Class-A resort-style property," Cohen said. "Having successfully restored the property to optimal condition, and with the Orlando market continuing to trend up, we were able to exceed our business plan in record time. It is a large, well-located asset that offers tremendous upside for an experienced operator like Versity."
Astoria at Celebration features a mix of luxury one- two- and three-bedroom units located in six, four-story Art Deco inspired residential buildings, around a centralized clubhouse and pool area. The apartment homes feature nine-foot ceilings, fully equipped island kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washer and dryer, and large walk-in closets.
"As the country continues to recover from the impact created by the pandemic, the Orlando market is showing signs of a resurgence that bodes well for the future viability of the property," said CGI+ Managing Partner, Southeast Region Mark Cohen. "Moving forward, Orlando's growing population and job market will fuel the need for quality rental communities like Astoria."
Shelton Granade, Jr, and Luke Wickham from IPA USA marketed the property for sale on behalf of CGI+.
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