GID Buys Greystar Out of New Doral Apartment Complex
By Mark Hallum March 31, 2022 12:55 pm
reprints
GID has acquired a new apartment complex in Doral, Fla., for $149.8 million.
GID purchased the 385-unit complex at 8425 NW 41st Street from Greystar Worldwide, according to property records filed Tuesday.
Greystar originally secured a $79 million loan for the purchase of the property in March 2019 from Northwestern Mutual Life Insurance Company, and is selling the apartment complex with a $71.8 million balance, documents filed with Miami-Dade stated.
GID will assume the balance and has secured an additional $34.7 million in financing from Northwestern for a total of $106.5 million.
Now rebranded as Centrico by Windsor and operated by Windsor Property Management, the apartment complex was originally purchased by Greystar in 2019 and completed in 2020, and offers residents studio to three-bedroom apartments.
The price of the transaction equates to $389,169 per unit.
Greystar began developing the 4-acre site in 2020, after acquiring the land for $19.25 million in 2019 from Codina Partners, according to The Real Deal.
Two-bedroom 972-square-foot apartments run about $2,940 per month and amenities include a pool, a fitness center, a yoga deck and a club room, according to the South Florida Business Journal.
Mark Hallum can be reached at mhallum@commercialobserver.com.
