CGI has purchased Sola at Celebration, a 306-unit luxury multifamily community located in the affluent city of Celebration, Florida, which has been rebranded as Astoria Celebration. The property was originally built in 2015 and sold in 2016 for $67,000,000 with a number of construction defects, allowing CGI the opportunity to purchase the property in an off-market transaction at a significant discount from the previous sale price, correct the deficiencies, and re-stabilize the asset. Repairs for the property have already been engineered and approved by the county with a total construction timeline of 10 months and expected stabilization within 18 months given the Orlando rental market.
Total project costs are anticipated to be $60,500,000. We plan to structure the project with a $47,500,000 bridge loan and $13,000,000 of equity.
|Property Address:||1688 Celebration Boulevard|
|Acquisition Date:||February 2019|
|Asset Type:||Luxury Multi-Family Community – Renovation|