A Walk in the Park: CGI+ Sells Orlando Community
Following a fire in 2020, the firm led a renovation effort to rebuild residences and create community spaces.
CGI+ Real Estate Investment Strategies has sold Park Place, a 275-unit garden-style community in Oviedo, Fla., a submarket of Orlando. RMR Residential, a subsidiary of The RMR Group, purchased the asset in an off-market sale for an undisclosed amount. Chris Chadbourne, Managing Director of Investment Sales at Walker & Dunlop, represented CGI in the transaction.
Residences at Park Place range from one-bedroom to three-bedroom apartments averaging 1,024 square feet, Yardi Matrix data shows. The property was built across nine acres and totals five buildings with community amenities including a fitness center, media room, pool and a basketball court.
Apartments have in-unit washers and dryers as well as the option for detached garages and private balconies or patios. According to Yardi Matrix, Fogelman Properties is the property manager at the approximately 98 percent leased community.
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Park Place came online in 2015 under Inland Real Estate Group’s ownership before being sold to CGI in 2021 for $68.9 million, Yardi Matrix data shows. At that time, the property was said to have been 99 percent leased, Multifamily Biz reported. CGI decided to acquire Park Place following a fire from a lightning strike in May 2020, which led to insurance and construction costs rising for the owner. The fire resulted in the damage of 41 units—approximately 15 percent of the residences—as well as two amenity spaces.
CGI facilitated the rebuild with Fogelman Properties to repair the damage and upgrade the development. The effort rebuilt the residences that were lost and created a 2,642-square-foot community retail space. Currently, the space is occupied by Crazy Cork wine bar and an ice cream shop.
Located at 940 City Plaza Way, the community is situated in the larger 108-acre Park Town Center Development. Park Town Center has many retail, dining and grocery options close to Park Place. The community is 24 miles away from Orlando International Airport, 4.5 miles away from the University of Central Florida and 18 miles outside of downtown Orlando.
Falling for Orlando
Construction in the Orlando metro has been declining through the start of the year, the latest Yardi Matrix report shows, but transactions have remained steady. Through May, Orlando’s multifamily transactions have totaled $618 million, remaining consistent with the metro’s performance.
Already this month, other properties have been exchanging hands. Earlier this week, Fairfield Residential purchased a 300-unit community in Maitland, Fla., about nine miles south of Orlando. The buyer acquired the property for $81.9 million.
At the start of the month, Addison Square, a 270-unit multifamily asset in the Melbourne submarket of Orlando, was bought by Goldman Sachs for $94 million. The property originally came online last year.
