ORLANDO, FLA. — CGI+ Real Estate Investment Strategies has sold Park Place in Orlando to RMR Residential. A sales price was not disclosed. CGI acquired the 275-unit asset in 2021 for approximately $69 million. At that time, the seller was facing costly insurance and construction issues following a lightning strike that sparked a fire and destroyed two buildings housing about 15 percent of the community’s rental units and two amenity spaces. CGI refers to these acquisition opportunities as “special situation real estate.” CGI, along with property manager Fogelman, rebuilt 33 units and created 2,642 square feet of retail during its hold period. Crazy Cork wine bar and Brusters on the Park ice cream are tenants in the spaces. Park Place was built in 2015 at 940 City Plaza Way.
CGI+ Real Estate Investment Strategies has sold Park Place, a 275-unit Orlando community to RMR Residential. CGI acquired the asset following a fire and rebuilt the community, adding new retail, during its hold period.
CGI Sells ‘Special Situation’ Orlando Asset to RMR Residential
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