GID buys newly built Plantation apartments for $73M
Deal for 248-unit complex breaks down to $293K per apartment
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.