GID Snaps Up Rental for $91M Along Miami’s Ludlam Trail
By Julia Echikson August 15, 2023 4:54 pm
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GID, a Boston-based investment firm, paid $91.4 million for a newly constructed apartment complex along Miami’s Ludlam Trail, property records show.
Seller BBX Capital Real Estate, which owns the Fort Lauderdale-based development firm The Altman Companies, completed Altis Ludlam Trail last year.
The seven-story building houses 312 units at 7004 SW 40th Street, just south of A.D. Barnes Park and facing the Ludlam Trail, an abandoned railroad track. Miami-Dade County plans to turn the old rail line into a 6.2-mile linear park that runs from Miami International Airport to the Dadeland Mall.
The 535,679-square-foot property is 98 percent leased, according to a press release issued by BBX last month, when the deal closed.
The sale comes to about $293,000 per apartment. BBX, a publicly traded company, received $21.3 million in cash distribution from the investment. GID, which owns 175 multifamily properties nationwide, assumed the seller’s $54.4 million mortgage.
A representative for GID, also known as General Investment and Development, did not immediately respond to a request for comment.
The trade is the latest to close during a summer rally of multifamily deals in South Florida. These include Greystar’s purchase of two properties for a combined $148 million, Federal Capital Partners’ $53 million sale in North Lauderdale and PGIM’s $88.4 million sale in Plantation.
Julia Echikson can be reached at jechikson@commercialobserver.com.
