GID Acquires Miami-Area Property for $91M
The newly completed community is located along a 6.2-mile greenway.
GID has sealed its $91.4 million purchase of Altis Ludlam Trail, a newly-built, 312-unit luxury multifamily community in West Miami, Fla., from The Altman Cos.
The buyer assumed a $55.4 million loan associated with the community that was originated on June 10, 2020, by Comerica Bank. The Altman Cos. began construction on the Class A project shortly after closing on the construction financing. The mixed-use property, located at 7004 SW 40th St., was developed in partnership with MV Real Estate Holdings and private equity real estate firm The Mattoni Group. The seven-story building, which hosts approximately 7,500 square feet of ground-floor retail space, topped out in July 2021.
The property is situated along the Ludlam Trail, a 6.2-mile linear greenway that connects a network of 30,000 residents, five schools, six parks and nearly 50 acres of green space. The Ludlam Trail also serves as a major alternative transportation option for non-vehicular travel to the Blue Lagoon and Dadeland office markets. The property is located near major thoroughfares, including Highways 826 and 836 and U.S. Route 1. The community, which has major street exposure on 40th St., Bird Road and State Road 976, is 3 miles from Coral Gables and 2 miles from the University of Miami.
New name, in-house management
Apartments include washers and dryers in all units, above-standard ceiling heights and private balconies or patios. The building has one-, two- and three-bedroom layouts ranging in size from 525 to 1,205 square feet, with an average of 821 square feet. Rents range from $2,062 to $3,833, with an average of $2,764, according to Yardi Matrix data.
Community amenities include a rooftop heated swimming pool with a sun deck and poolside cabanas, fitness center with cardio and yoga rooms, game lounge, movie theater, business center and flex work-from-home spaces. The property has a total of 493 parking spaces, with covered parking available for an additional fee. Electric vehicle charging stations are also available.
GID’s in-house property management company, Windsor Communities, will manage the community, which will be rechristened Windsor Ludlam Trail.
GID’s growing portfolio
GID, which operates a portfolio of multifamily, mixed-use and industrial developments across the U.S., is committed to expanding its portfolio, Greg Bates, GID president and CEO, said in prepared remarks. The company, which also operates a credit platform, has approximately 54,000 multifamily units and upwards of 25 million square feet of commercial and industrial space under management.
The firm previously expanded its Miami footprint with the May acquisition of Advenir at Biscayne Shores, a 240-unit garden-style community located about 12 miles from downtown Miami. GID is also growing in the broader southeast, recently acquiring Arbors at Fair Lake, a 282-unit multifamily community in Fairfax, Va., for $85.6 million.