CGI Strategies pays out $25.8m for 166 Florida apartments
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.”