GID Acquires Miami Community
Renovations are planned at the 240-unit community.
GID has expanded its Miami footprint with the acquisition of Advenir at Biscayne Shores, a 240-unit garden-style community.
Advenir at Biscayne Shores offers one-, two- and three-bedroom units ranging from 733 to 1,319 square feet. The apartments have walk-in closets and in-unit washers and dryers, with select units offering private patios and balconies. Amenities include a clubhouse, pool, fitness center, playground, dog park and grilling areas.
Located at 12016 NE 16th Ave., Advenir at Biscayne Shores is approximately 12 miles from downtown Miami. Miami beaches, including Haulover Beach, Bal Harbour Beach and Surfside Beach, are an approximately 15-minute drive away.
The identity of the seller could not immediately be learned.
Along with plans to rebrand the community as “Windsor Biscayne Shores,” GID intends to renovate the property to improve the resident experience. This will include updating the fitness center, repainting the exterior and interiors and refreshing the clubhouse and leasing center. GID’s in-house property management company, Windsor Communities, will take over managing the community.
Expanding Southern portfolio
Windsor Biscayne Shores adds to a GID portfolio that already includes approximately 53,000 multifamily units across the U.S. The firm also owns more than 27 million square feet of industrial and commercial space.
The Miami acquisition also increases GID’s presence in the southern U.S. Last year, the firm acquired two apartment communities in the Atlanta metro totaling 618 units in Cumberland and Suwanee, Ga. More recently, GID signed on as an equity partner for NOVEL Morrisville, a 336-unit community in Morrisville, N.C. that’s being developed by Crescent Communities.