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Florida & Gulf Coast  + Central Florida  + Apartments  |  June 4, 2021
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By: David Cohen

CGI+ Divests from Orlando MF Property for $75M

CGI+ Real Estate Investment Strategies has divested from Astoria at Celebration, a 306-unit luxury multifamily community in Celebration, FL. The sales price was $74.5 million.

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.

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.

Shelton Granade and Luke Wickham of IPA USA represented CGI+ in the transaction. The buyer was Versity Investments.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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