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New 249-Unit Apartment Community Coming To Doral

A joint venture between Orlando-based ZOM Living and GID, a Boston-based real estate investment firm, just scored a $45.4 million mortgage for its Doral apartment community in front of the Trump National Doral Miami, property records show.

The lender is a subsidiary of Nationwide Mutual Insurance Company. Officials at ZOM and GID could not immediately be reached for comment.

The joint venture’s Windsor at Doral is a 249-unit apartment community at 4401 Northwest 87th Avenue. Records show ZOM bought the property in 2012 for $13.7 million. A year later, the partnership broke ground on the community, formerly called Bel Air at Doral, with a $34.4 million construction loan from PNC Bank.

The rental community, which sits on a 4.2-acre parcel of land, offers one-, two- and three-bedroom apartments ranging from 755 square feet to 1,607 square feet. Amenities include a lakefront pool, an outdoor hammock lounge, fitness studio, waterfront garden and a pet park and pet spa.

In South Florida, GID also owns Amaray Las Olas, a 254-unit luxury rental tower in downtown Fort Lauderdale and the Windsor at Miramar, a 348-unit apartment complex and co-owns the Mirador at Doral.

In all, GID has at least 81 multifamily properties totaling roughly 22,680 apartment homes in 13 states in its portfolio. The firm also owns 2.7 million square feet of industrial space, is building multifamily in Brazil and India, and has its own hedge fund management affiliate, according to its website.

Earlier this month, ZOM closed on land in West Palm Beach and broke ground on its planned 179-unit apartment community Azola West Palm. The multifamily developer is also building Solitair Brickell, a 50-story, 438-unit building near Brickell City Centre.


Source: The Real Deal