Astoria at Celebration

Investment Overview

In February 2019, CGI+ purchased a Class A apartment community built in 2015, comprised of 306 apartments and located in the affluent city of Celebration, Florida.

The property was originally built in 2015 by Hines and sold in 2016 for $67MM. Shortly after closing, several construction defects became apparent (primarily structural & waterproofing issues with the building’s corner balconies) leading the Department of Building & Safety to order ownership to vacate all units in mid-2017.

CGI+ acquired the asset in January 2019 for $43MM and completed a $13MM renovation that included demolishing and rebuilding every balcony, shear wall reconstruction, exterior wall waterproofing, removing and replacing existing windows and replacing the roof. Lease up began in late 2019, and in late 2020 the property was put under contract to be sold for $74.5MM. CGI+ Realized a gross profit of $11.3M on a cost basis of $61.8MM.