CGI+ Sells Multifamily Property in Metro Orlando for $74.5M
CELEBRATION, FLA. — Woodland Hills, Calif.-based CGI+ Real Estate Investment Strategies has sold Astoria at Celebration, a 306-unit luxury multifamily community in Celebration. Aliso Viejo, Calif.-based Versity Investments LLC acquired the property for $74.5 million.
Originally completed in 2016, Astoria at Celebration, which was then known as Sola at Celebration, had to be vacated in 2017 due to construction issues. Then, CGI+ acquired the vacant community in 2019 for $43 million. Mario Lopez of CGI+ and Ryan Bitzer of Turning Leaf Construction made renovations in order to bring the property up to code. During this time, CGI+ worked with Epoch Property Management to rebrand the community as Astoria at Celebration. At the time of the sale, the property was 99 percent leased.
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 property unit size ranges from 741 square feet to 1,371 square feet.
The apartments feature nine-foot ceilings, kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washers and dryers and walk-in closets. Community amenities include a saltwater pool, private pool cabanas, 24-hour fitness studio, a clubhouse with a media lounge and elevator access in each building. The property is 23 miles from Orlando, six miles from Disney World and 16 miles from Universal Studios.
Shelton Granade and Luke Wickham from Institutional Property Advisors marketed the property for sale on behalf of CGI+. Felix Gutnikov of Thorofare Capital Inc. provided a $44 million permanent acquisition loan for the property. Josh Perew of Walker & Dunlop placed the loan with Thorofare, and Fort Lauderdale-based law firm Berger Singerman LLP represented Thorofare in the transaction.