CGI+ Real Estate Investment Strategies Sells 306-Unit Astoria at Celebration Apartment Community for $74.5 Million in Orlando

Beth McCandry

WOODLAND HILLS, CA – CGI + Real Estate Investment Strategies (“CGI +”) has sold Astoria at Celebration, a luxury, 306-unit apartment complex in Celebration, FL, to Versity Investments for $ 74.5 million.

Originally completed in 2016, the property then known as Sola at Celebration suffered from structural defects and was vacated in 2017. CGI + acquired the vacant community in 2019 for $ 43 million. After an extensive analysis, Mario Lopez and Ryan Bitzer, Vice President of Development and Construction at CGI +, from Turning Leaf Construction worked to bring the property up to date and received the final certificate of occupancy in February 2020.

During this time, CGI + worked with Epoch Property Management to rename the community Astoria at Celebration and stabilize the community. At the time of sale, the property was 99 percent let.

The ability of CGI + employees to completely overhaul and renovate the seven-building building in just over a year is testament to the company’s successful track record in successfully taking on other challenging projects, said CGI + CEO Gidi Cohen.

“Our history as property developers has given us both the experience and confidence to take on a massive Astoria challenge and turn it into a resort-style Class A property,” said Cohen. “After we successfully restored the property to optimal condition and the market in Orlando continues to improve, we were able to exceed our business plan in record time. It’s a large, well-located facility that offers tremendous benefits to an experienced operator like Versity. “

The Astoria at Celebration offers a mix of luxurious one-, two-, and three-bedroom units set in six four-story Art Deco-inspired residential buildings around a central clubhouse and pool area. The condos have six foot ceilings, fully equipped island kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washer and dryers, and large walk-in closets.

“As the country continues to recover from the effects of the pandemic, the Orlando market is showing signs of a resurgence that bodes well for the future of the property,” said Mark Cohen, CGI + Managing Partner, Southeast Region. “In the future, the growing population and labor market in Orlando will increase the need for high-quality rental communities like Astoria.”

Shelton Granade, Jr. and Luke Wickham of IPA USA marketed the property for sale on behalf of CGI +.

About CGI + real estate investment strategies: CGI + Real Estate Investment Strategies is a boutique real estate investment and strategy company that provides personalized, high quality services and high performing assets. CGI + aims to shape the future positively in terms of the spaces we all live in, while rewarding both investment partners and the local community. With a mission to reward, excite and inspire investors, consumers and local communities through the properties acquired and converted, CGI + is dedicated to creating real connections and lasting experiences for the community, emotionally and financially.