Orlando Luxury Community sells for $ 74 million
Astoria at the celebration. Image courtesy Thorofare Capital
CGI Strategies has sold Astoria at Celebration, a luxury 306 unit community in Celebration, Florida, to Versity Investments. The property changed hands for $ 74.5 million, according to public records.
Thorofare Capital provided $ 44 million in ongoing acquisition funding to facilitate the transaction. The previous owner acquired the property in 2019 when the company secured a $ 47.5 million bridging loan to extensively renovate, stabilize, and rename the property, which had been vacant for 40 years prior to the transaction.
Renovated in 2020, the Astoria at Celebration comprises seven buildings with one to three bedroom floor plans. The units range from 741 to 1,371 square feet. On-site amenities include a saltwater pool with private cabanas, a 24-hour exercise facility, clubhouse and media lounge, elevators, detached garages, and 765 parking spaces.
Located at 1688 Celebration Blvd., adjacent to Celebration, the resort-style property is 4,900 acres built in 1996 by Walt Disney Co. and Walt Disney Co., with access to extensive parks and recreational facilities among its main attractions the area.