CGI Strategies pays out $25.8m for 166 Florida apartments

CGI Strategies pays out $25.8m for 166 Florida apartments

Published at: 2018-01-12 15:23 | Author: CIJ USA
Cane Island, a 166-unit apartment community in Kissimmee, Fla. has been sold for $25.8 million to Los Angeles-based real estate investment firm CGI Strategies. Located at 5251 Cane Island Loop, the property was 98-percent leased at the time of the sale and traded for just over $155,420 per unit. The seller, D.R. Horton., originally developed the property as a condominium in 2007. The asset is built around a large pond on a 16-acre site. Not included in the sale are 94 units that were sold as condominiums in 2007, before the recession killed the market for them. 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 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.”

Similar Stories:

Gatlin Commons resi scheme underway in southern Florida
LandSouth Construction broke ground on a multifamily property in Port St. Lucie, southern  »
Beachwold Residential acquires Aviara in Florida for $20m
Beachwold Residential acquired Aviara, a 242-unit multifamily complex in Gainesville, Flor  »
The Mark resi scheme secures $40m for recapitalization
A joint venture between Northpoint Realty Partners and Persimmon Capital Partners have sec  »
Beacon Assets acquires student housing in Pennsylvania for $30m
Beacon Assets acquired a 71-building, 383-bed, scattered-site student housing portfolio in  »
Hurricane Hermine had the entire state of Florida on the edge of its seat in September. It   »
South Florida’s condo market is readying for a soft landing rather than the crash that m   »
There are approximately 17,000 units in Miami in presale, sold or under construction. Abou   »
The same year Orange County builders pulled 11,000. Fast forward to 2010 and those numbers   »
OPEC is back to its squabbling ways. But investors who are b  »
OPEC is back to its squabbling ways. But investors who are b  »
David Bassanese of BetaShares Capital says the general trend  »
David Bassanese of BetaShares Capital says the general trend  »