CGI+ Acquires Orlando, FL Community for $68.95 Million

08 December 2021
Park Place CGI+

CGI+ Real Estate Investment Strategies has closed on the acquisition of a 275-unit multifamily community in the Orlando, FL submarket of Oviedo for $68.95 million. 

 

Park Place is a garden-style apartment community offering a mix of one-, two-, and three-bedroom floor plans. The property, which was 99 percent occupied at the time of sale, is in close proximity to many of Orlando’s primary employment centers, including The University of Central Florida, Central Florida Research Park, and the Quadrangle Office Park. 

 

Located at 940 City Plaza Way, Park Place was completed in 2015 as part of the Park Town Center development, a 108-acre master planned town center that includes retail, restaurants, community park, amphitheater and cultural center – all centered around a one-acre lake. 

 

“Park Place was an institutionally owned and professionally managed property that is attractively positioned within the Oviedo submarket,” said Mark Cohen, CGI Managing Partner in the Southeast Region. “Over the last 12 months the market has grown approximately 22 percent and with the continued influx of new residents we expect that growth to continue.”

 

“The seller was an excellent steward of the property, however we believe that through our vertically integrated platform, we can further enhance the asset’s competitive position in this growing market and increase value significantly over the next two to three years,” added CGI+ founder and CEO Gidi Cohen.   “However, we are willing and able to hold the asset for 10 years in the event market conditions change.” 

 

 

Managing Directors Ken DelVillar and Jay Ballard in the Orlando office of JLL Capital Markets, Americas, marketed the property on behalf of the seller.  Elliott Throne, Senior Managing Director in the Miami office of JLL Capital Markets, Americas, arranged the acquisition financing.  

 

In a separate and unrelated transaction, CGI+ sold Cane Island, a 168-unit multifamily community in Kissimmee, FL for $44 million.

 

“We acquired Cane Island in 2017 and by successfully implementing our proven value add program we generated robust cash flow over the hold period, outperforming our original 10-year exit projections by more than 30 percent in only four years,” said Mark Cohen.   “This allowed us to provide our investors with attractive adjusted returns at the time of the sale.” 

 

The two Q4 transactions capped off an active 2021 for the Los Angeles-based real estate investment company with more than $625 million in transaction activity that included:

 

• The acquisition of Brookhaven a two-property, 712-unit multifamily portfolio located in Atlanta, GA in an off-market transaction for $144.75 million.

 

• The $74.5 million sale of Astoria at Celebration, a 306-unit luxury multifamily community in Celebration, FL.

 

 “Our goal is to use the momentum we have created this year to achieve even more significant results in 2022 for our investors and company,” said Gidi Cohen.