GID buys newly built Plantation apartments for $73M

Deal for 248-unit complex breaks down to $293K per apartment

Miami /
Jan.January 06, 2022 03:30 PM
GID buys newly built Plantation apartments for $73M

GID’s president and CEO Gregory Bates and Windsor 335 (Kim Seng, GID)

Real estate firm GID scooped up the newly built Windsor 335 apartment complex in Plantation for $72.7 million, as the robust multifamily market continues to attract investors.

New York-based CP Capital and Dallas-based Trammell Crow Residential, through an affiliate, sold the 248-unit community at 335 North State Road 7, records show.

The deal breaks down to $293,240 per apartment.

The complex was completed in April, according to a news release from the sellers. Amenities include a gym, game room, business center and pool.

Windsor 335 offers one- to three-bedroom apartments, with rent ranging from $2,465 to $3,020 a month, according to Apartments.com.

The development encompasses eight buildings on 9.4 acres, property records show. CP Capital and Trammel Crow’s affiliate bought the site in 2019 for $11 million.

CP Capital, previously called HQ Capital Real Estate, is a multifamily focused investment manager, according to its website. Founded in 1989, It has invested in about $15 billion in real estate through its funds and separate accounts on behalf of institutions and family offices.

Trammell Crow Residential, the multifamily development arm of Crow Holdings, has built more than 260,000 residences over 40 years. Trammell Crow is led by Ken Valach.

Trammell and CP Capital have partnered on more than 30 projects, according to the release.

Trammell’s sale of the Plantation complex, which originally was developed under Trammell’s Alexan brand, comes as the company is embarking on new South Florida multifamily projects. It paid $9.8 million in November for a Miramar development site where it plans to build a 250-unit apartment complex.

GID, founded in 1960, has built, managed or bought more than 86,000 apartments and over 32.5 million square feet of commercial space, according to its website. Its president and CEO is Gregory Bates. GID has offices in Atlanta, Boston, Dallas, New York and San Francisco.

In December, GID bought an apartment complex in the city of La Habra in Orange County, California, for $182.5 million.

Its other South Florida multifamily investments include the ground-up development of the 249-unit Windsor at Doral complex near the Trump National Doral Miami.

The regional apartment market has been over-performing over the past year because of high demand, which has pushed up rents. This has caught the eye of developers who are embarking on new projects and attracted investors who are scooping up existing complexes.

The biggest multifamily deal of 2021 was Grant Cardone’s purchase of four apartment communities in Broward County for $744 million.





    Related Articles

    arrow_forward_ios
    Grover Corlew Principals Mark Corlew and Anuj Grover and rendering of the Mayla Pompano apartment project (Grover Corlew)
    Grover Corlew scores $78M construction loan for Pompano Beach multifamily project
    Grover Corlew scores $78M construction loan for Pompano Beach multifamily project
    Aerial view of some of the properties: 124 Bamboo Road, 112 Bamboo Road,  106 Bamboo Road, 135 Bamboo Road, 337 Bamboo Road (Google Maps)
    New York firm sells Palm Beach Shores apartment portfolio for $17M
    New York firm sells Palm Beach Shores apartment portfolio for $17M
    Thomas Walter, president, Applied Hospitality in front of the Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors (Applied Hospitality, LoopNet)
    Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
    Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
    The Main Las Olas office tower, One Flagler office tower, and Plantation Pointe office complex (The Main Las Olas, Related Southeast, Google Maps)
    A tale of two office markets: Broward vacancies rose while Palm Beach County’s declined
    A tale of two office markets: Broward vacancies rose while Palm Beach County’s declined
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    December residential sales fall in Broward and Palm Beach counties, rise in Miami-Dade
    December residential sales fall in Broward and Palm Beach counties, rise in Miami-Dade
    Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the Altís Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach (Altman Companies)
    Altman pays $14M for golf course development site near Lake Worth Beach
    Altman pays $14M for golf course development site near Lake Worth Beach
    The Pines Plaza Shop at 4505-4599 North Pine Island Road, Fort Lauderdale (MMG Equity Partners)
    CK principals make $11M bet on half-vacant Fort Lauderdale shopping center
    CK principals make $11M bet on half-vacant Fort Lauderdale shopping center
    Daniel Kordash in front of 444 Royal Plaza Dr in Fort Lauderdale (Getty Images, Realtor.com)
    New York investment honcho flips waterfront Fort Lauderdale home for $8M
    New York investment honcho flips waterfront Fort Lauderdale home for $8M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...