CGI+ Real Estate Investment Strategies (“CGI+”) has sold Astoria at Celebration, a 306-unit luxury multifamily community in Celebration, FL to Versity Investments for $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.
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.
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