GID ranked No. 24 in the most recent National Multifamily Housing Council Top 50 owners list, and even in 2023’s rocky transactional environment, the Atlanta-based, vertically integrated real estate investor, operator and developer is continuing to grow its portfolio.
For example, last month GID acquired the 240-unit Advenir at Biscayne Shores, a garden-style community located in Miami, that will be rebranded as Windsor Biscayne Shores. The company faced competition to acquire the property.
“Given the uniqueness of the asset it was a robust bidding process,” said Jordan Richardson, assistant vice president of Southeast region acquisitions for GID.
The property features a clubhouse, pool, fitness center, playground, dog park and grilling areas. GID plans to update the fitness center, repaint the exteriors and interiors, refresh the clubhouse and leasing center and refurbish the remaining residences with modern finishes.
But the amenities weren’t the only attraction for the buyer. “GID was drawn to the property, as it sits uniquely as one of the few surfaced parking assets in the market,” Richardson said.
Richardson said the submarket is also attractive to GID. The property is across the Broad Causeway from the Haulover Inlet and Beach Park, which gives residents public beach access directly on the Atlantic within a 15-minute drive. It also provides walking access to Whole Foods Market, LA Fitness, Walgreens, Home Depot and Starbucks.
“North Miami as a market offers easy commutes to several large employment nodes in the Miami metro, making it an attractive neighborhood to reside in the Miami metro as the population continues to grow,” Richardson said.
Windsor Biscayne Shores probably won’t be GID’s last purchase this year. The company, which has more than 60 years of experience, operates multifamily, industrial and mixed-use developments across the United States. Its portfolio of existing and under-development properties was valued at more than $29.7 billion as of March.
Expect that portfolio to grow as the year progresses.
“GID has been and will continue to be an active buyer in 2023, looking at opportunities in their target investment markets that offer attractive returns to their investors,” Richardson said.
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