New Acquisition: Cane Island Luxury Resort

Posted on January 29, 2018

We are excited to talk about the acquisition of Cane Island, a luxury condominium resort in the high-growth market of South Orlando, Florida. This is a great new property to add to our successful Southeast portfolio. 

CGI Strategies Acquires FL Asset

CGI snagged [Cane Island Luxury Condominium Resort], located in Kissimmee, for $25.8 million. Cane Island, which includes 166 units, was 98 percent leased at the time of the sale.
by D.C. Stribling | Jan 11, 2018

Cane Island Apartments

 

Los Angeles-based real estate investment firm CGI Strategies has acquired Cane Island, a 166-unit apartment community in at 5251 Cane Island Loop in Kissimmee, Fla., for $25.8 million. The seller in the off-market deal was D.R. Horton.

Developed originally as a condo project in 2007 by the seller, Cane Island features two-, three- and four-bedroom units ranging from 1,195 square feet to 1,560 square feet. The property is around a large pond on a 16-acre site. Common amenities include gated entry, clubhouse with game room, fitness center and sauna, and a resort-style pool.

CGI will be treating Cane Island as a value-add play. The new owner is planning such improvements as light interior renovations and color schemes, and updating the clubhouse and fitness center. It will also enhance the pool and spa area by adding cabanas and outdoor cooking stations, and adding a new dog park and Internet café.

SOUTH ORLANDO A HIGH-GROWTH MARKET

Cane Island was 98 percent leased at the time of the sale. Not included in the sale are 94 units that were sold as condominiums in 2007, before the recession dried up condo sales. With the acquisition of Cane Island, CGI’s Orlando portfolio totals 526 multifamily units.

“The tourist corridor in south Orlando is one of the highest-growth markets in the entire state, and continues to draw significant interest from buyers,” said ARA Director Ryan Moody who, along with director Scott Ramey, executive managing director Patrick Dufour, vice chairmen Richard Donnellan and Marc deBaptiste, represented the seller in the deal.

“Opportunities to acquire a 2007-vintage asset in this submarket are extremely rare, and we were able to secure an aggressive offer from a qualified buyer prior to formally marketing the property,” added Ramey.

Original Article: https://www.multihousingnews.com/post/cgi-strategies-acquires-fl-community/

More CGI+ News & Press

Gidi Cohen’s CGI+ plans 20 stories of apartments in Hollywood

Gidi Cohen’s CGI+ plans 20 stories of apartments in Hollywood

CGI+, the investment and development firm founded by Gidi Cohen, has filed updated plans for a major apartment complex in central Hollywood. The project would be located at 1830 North Cahuenga Boulevard, at the corner of Cahuenga and Franklin Avenue, a prime Hollywood location a few blocks north of the Hollywood Walk of Fame.

read more
Best Bosses | Here are Real Estate Forum’s picks for Best Bosses in 2023.

Best Bosses | Here are Real Estate Forum’s picks for Best Bosses in 2023.

The last year has not been easy for the head of a commercial real estate company. Inflation and the Fed’s response, as well as trends that emerged from the pandemic, have clearly had an impact on the industry across all of the sectors. Besides the effect of, say, ongoing remote work on the beleaguered office asset class or the slowing pace of rent increases in multifamily, these executives have also had to navigate an increasingly difficult capital markets environment. I have some bad news for this group: the near-term future doesn’t look any easier. Enter our selection of Best Bosses this year. This year’s picks were made at least in part based on their resiliency and ability to position their companies for future growth, whenever that might occur. We are confident these strengths will see them through what could be choppy waters ahead.

read more