CGI+ Real Estate Investment Strategies has acquired the 275-unit Park Place Apartments in the Orlando submarket of Oviedo, Fla. Inland Real Estate Group sold the garden-style community for $69 million.
The three-story Park Place Apartments, located at 940 City Plaza Way, was 99 percent occupied at the time of purchase. The property offers a mix of one-, two- and three-bedroom layouts, averaging about 1,024 square feet. Resident amenities include above-standard ceiling heights, private balconies/patios in certain units, microwave ovens, high-speed Internet access, a fitness center, a business center, a clubhouse, a basketball court, a spa and a media room.
Built in 2014, Park Place Apartments is part of the Park Town Center development, a 108-acre master-planned town center that includes retail, restaurants, a community park, an amphitheater and a cultural center.
The property is close to many of Orlando’s primary employment centers, including the University of Central Florida, Central Florida Research Park and Quadrangle Office Park.
CGI intends to enhance Park Place Apartments’ competitive position in the market and increase its value during the next three years. Company founder & CEO Gidi Cohen noted it is willing hold the asset for as long as 10 years in the event market conditions change.
JLL Managing Directors Ken DelVillar and Jay Ballard represented Inland Real Estate Group in the transaction. JLL Senior Managing Director Elliott Throne arranged the acquisition financing for CGI. The $58 million bridge loan was provided by Starwood Property Trust.
The company had an active year in 2021, completing more than $625 million in transactions, including the acquisition of Brookhaven, a 712-unit multifamily portfolio in Atlanta. In Florida, CGI sold the Astoria at Celebration, a 306-unit luxury multifamily community in Celebration, Fla., for $74 million. The company had acquired the property in 2019 for $43 million. CGI also recently sold Cane Island, a 168-unit multifamily community in Kissimmee, for $44 million. It bought the location in 2018 for $25.8 million.
Park Place Apartments is currently the firm’s only asset in the Florida market.