LOS ANGELES, CA - CGI Strategies has started leasing at Astoria at Celebration, a 306-unit luxury multifamily community in Celebration, FL after completing a complex multimillion renovation.
Developed in 2015, the property was found to suffer from construction defects in 2016 and was vacated by order of the Osceola Building Department that same year. CGI acquired the vacant community in 2019 confident it would be able to remedy the defects, according to CGI Founder Gidi Cohen.
“Our history of successfully meeting the challenges of special situation real estate allowed us to take on this project with the confidence that we could make the appropriate repairs and upgrades needed to return this Class A resort community to market,” said Cohen. “The responses we have received since completion have been extremely positive.”
CGI immediately undertook an exhaustive analysis of the structures, which included exposing all structural components to check for defects, making sure elements as basic as the nailing pattern were up to code.
The work, which took just under a year to complete, included:
• Balcony repairs. Demolished and rebuilt every balcony, adding steel columns to further mitigate any future sagging issues.
• Shear wall reconstruction. Exposed all load bearing and non-load bearing walls to verify whether they were built correctly, including ensuring that the proper blocking was installed and the appropriate nailing pattern was used.
• Exterior wall waterproofing. Removed existing plaster and applied a new waterproofing membrane and new plaster to reduce the occurrence of leaks.
• Windows: Removed and replaced existing windows with new windows and flashing to protect the interiors from water intrusions
• Roof replacement. New roof system was added to prevent future leaks or issues.
After receiving final certification of occupancy earlier this month, CGI has leased 43 percent of the units, many by former residents who were forced to vacate the property when building issues were discovered.
Astoria at Celebration features a mix of luxury one- two- and three-bedroom units located in six, four-story Art Deco inspired residential buildings, around a centralized clubhouse and pool area. The apartment homes, which range in size from 741 square feet to 1,371 square feet, feature nine-foot ceilings, fully equipped island kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washer and dryer, and large walk-in closets. Common area amenities include an Internet café, fitness studio, outdoor kitchens with gas grilling stations and dog park.
With the addition Astoria at Celebration, CGI’s multifamily portfolio in the greater Orlando metropolitan area totals approximately 500 units.
About CGI Strategies: CGI Strategies is a Los Angeles-based value-add real estate investment and development firm with regional offices in Atlanta and New York. The firm’s portfolio includes multifamily, extended stay corporate housing, hospitality, and retail assets located in California, New York and key cities in the Southeastern and Southwestern U.S., particularly in underserved secondary and tertiary markets.