WESTLAKE VILLAGE, CA - CGI+ Real Estate Investment Strategies (“CGI+”) has completed the off-market sale of Park Place, a Class A 275-unit garden-style apartment community in Orlando, FL, to RMR Residential.
Built in 2015, Park Place is located at 940 City Plaza Way and is part of the 108-acre Park Town Center master-planned development. CGI+ acquired the property in 2021, when the seller was faced with costly insurance and construction issues following a lightning strike that sparked a fire destroying two buildings housing approximately 15% of the property’s residential units and two amenity spaces.
“This project is representative of CGI’s investment approach—seeing special situation real estate as an opportunity when others may be turned away by the size and scope of the corrections that need to be made,” said CGI+ Founder and CEO Gidi Cohen. “We were able to help the owner get out from a difficult situation, while at the same time, use our construction expertise and creative thinking to remedy the problem and create substantial value in the process,” he said.
Working in collaboration with their property management firm Fogelman, CGI+ rebuilt the 33 apartment homes and created 2,642-square feet of community serving retail space occupied by Crazy Cork wine bar and Brusters on the Park ice cream shop. Both have become popular amenities and have elevated the property’s brand.
In 2019, CGI+ acquired a vacant 306-unit multifamily property in Orlando that had been condemned by the Osceola County Building Department for construction defaults. In less than a year, CGI+ corrected the construction deficiencies, rebranded, stabilized and sold the asset exceeding its business plan in record time, according to Cohen.
“Our strategy remains focused on special situation assets in high-growth multifamily markets, like Orlando, in which we can take advantage of our construction and redevelopment expertise,” he added.
Chris Chadbourne, Managing Director of Investment Sales at Walker & Dunlop, represented CGI+ in the transaction.
About CGI+ Real Estate Investment Strategies: CGI+ Real Estate Investment Strategies is a Los Angeles-based multifamily investment and development firm. Our portfolio includes multifamily and mixed-use assets located primarily in Los Angeles and the Southeast.