Orlando Luxury Community Sells for $74M
- Jun 07, 2021
CGI Strategies has sold Astoria at Celebration, a 306-unit luxury community in Celebration, Fla., to Versity Investments. The property changed hands for $74.5 million, according to public records.
Thorofare Capital provided $44 million in permanent acquisition financing to facilitate the transaction. The previous owner acquired the asset in 2019 when the company secured a $47.5 million bridge loan for the extensive renovation, stabilization and rebranding of the property that had stood vacant for 40 years prior to the deal.
Redeveloped in 2020, Astoria at Celebration encompasses seven buildings with one- to three-bedroom floorplans. Units range from 741 to 1,371 square feet. On-site amenities include a salt-water swimming pool with private cabanas, a 24-hour gym, a clubhouse and media lounge, elevators, detached garages and 765 parking spaces.
The resort-style property is located at 1688 Celebration Blvd., adjacent to Celebration, a 4,900-acre master-planned community constructed in 1996 by the Walt Disney Co. Downtown Orlando is some 24 miles away, while proximity to Florida’s Disney World Resort, as well as access to extensive parks and recreation facilities, are part of the area’s main appeal.