GID bought a Downtown Doral apartment building for $149.8 million, marking the real estate company’s continued bet on the robust South Florida market.
Boston-based GID purchased the eight-story, 385-unit building at 8425 Northwest 41st Street from the developer, Charleston, South Carolina-based Greystar, according to records. GID, through an affiliate, assumed Greystar’s $71.8 million loan on the property and took out an additional $34.7 million in financing. Northwestern Mutual Life Insurance Company is the lender for both loans.
The sale breaks down to $389,163 per unit
The building originally was developed as Elan Doral, but was rechristened Céntrico by Windsor after the deal closed.
Greystar, led by founder, Chairman and CEO Bob Faith, completed the apartments in 2020 after purchasing the 4-acre site for $19.25 million in 2019 from Codina Partners, the master developer of the 250-acre mixed-use Downtown Doral.
GID, founded in 1960, develops, manages and buys various types of real estate, including industrial, office, retail, hospitality, apartments and condos, according to its website. Its portfolio includes 116 multifamily properties across 13 states, with another 14 under development in 10 states. GID is led by President and CEO Gregory Bates, as well as Chairman W. Gardner Wallace, according to its website.
In Doral, Céntrico by Windsor marks GID’s third apartment project. In a joint venture with ZOM Living, GID developed the 249-unit Windsor at Doral at 4401 Northwest 87th Avenue in 2015.
GID also developed the 332-unit Mirador at Doral by Windsor at 2541 Northwest 84th Avenue, in a joint venture with Ram Realty Advisors, in 2017.
The company’s purchase of multifamily projects comes as the market is thriving because of demand, allowing landlords to push up rents. Realtor.com ranked the Miami metro area, which includes Fort Lauderdale and West Palm Beach, as the most rent-burdened, nationwide, in February. Tenants spent almost 60 percent of their income on rent, up from about 37 percent in February 2021.