Advenir Sells Rentals Near North Miami to GID for $56M
GID bought the Windsor Biscayne Shores multifamily complex near North Miami for $56 million.
Advenir sold the 240-unit garden-style apartment community that spans 9.6 acres at 12010 Northeast 16th Avenue in the Biscayne Shores neighborhood of unincorporated Miami-Dade County, according to records and real estate database Vizzda. GID assumed the seller’s $38.7 million loan on the property.
Windsor, which was originally built in 2013, consists of nine three-story buildings spanning over 272,000 square feet, according to records and Vizzda. It is near Whole Foods at 12150 Biscayne Boulevard.
The deal breaks down to $233,200 per unit.
Windsor offers one- to three-bedroom apartments with monthly rents ranging from $2,013 to $3,212, Apartments.com shows.
Advenir, based in Aventura, bought the complex in 2016 for $52.7 million from the property’s developer, Atlanta-based Wood Partners, records show.
Led by the Vecchitto family, Advenir is a multifamily and single-family home investor, developer and manager with a portfolio valued at $2.5 billion and $1 billion of equity under management, according to its website. Stephen Vecchitto is managing director, and David Vecchitto is CEO.
Boston-based GID is a residential and commercial real estate investor and manager, according to its website. Its portfolio is worth $29.7 billion and includes more than 52,000 units and 27 million square feet of commercial space. Gregory Bates is CEO, and W. Gardner Wallace is chairman.
Last year, GID dropped $149.8 million for the eight-story, 385-unit Céntrico by Windsor Apartments at 8425 Northwest 41st Street in the mixed-use Downtown Doral development.
Also in Doral, GID co-developed with ZOM Living the 249-unit Windsor at Doral at 4401 Northwest 87th Avenue in 2015. It also partnered with Ram Realty Advisors to build the 332-unit Mirador at Doral by Windsor at 2541 Northwest 84th Avenue in 2017.
The Biscayne Shores area, between North Miami and Miami Shores, is experiencing some apartment development. In August, Integra Investments, Andrew Korge of Korgeous Group and David Larson of DCL Capital scored a $101.4 million construction loan for a 16-story, 275-unit rental building and 105 townhouses at 11295 Biscayne Boulevard.
In 2021, AMAC and ROVR Development completed the eight-story, 402-apartment Biscayne 112 building at 11200 Biscayne Boulevard.
