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.