Los Angeles-based CGI Strategies paid $25.75 million right before Christmas to buy its second apartment community in Kissimmee’s W192 tourism corridor.
CGI acquired the Cane Island Apartments, which comprises 166 units of the 260-unit community. CGI spokesman Bruce Beck told GrowthSpotter the complex was originally built in 2007 as condominiums by D.R. Horton, but the developer ended up keeping 166 units as rentals.
The condos and apartments share amenities and common space.
“We’re going to update the pool and spa, as well as the clubhouse and fitness center,” Beck said. “We might add a dog park and internet cafe, and we’re considering some light interior renovations.”
The community is located behind the former Cane Island Shopping Center, which is being redeveloped with a new Aldi Food Market and 15,000 square feet of retail space. It’s also about a half mile east of the $3 billion Magic Place by Pininfarina branded community.
“CGI really liked its location near Disney and Universal, and the market in general,” Beck said. “You’ve got a lot of new development in the area, and that affects the rental market.”
CGI will retain Epoch Residential as the property manager.
Beck said the Cane Island investment allowed CGI to fulfill the back end of a 1031 Exchange following the sale of another fractured condo complex in Atlanta. The firm also owns an apartment community in Orlando’s Azalea Park area.
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