Boston, MA – (October 2, 2015)

GID announced today the formation of a joint venture with RAM Development Company to develop the Residences at Intercontinental Village, a luxury multi-family asset in Doral, Florida. The site is located at NW 87th Avenue and NW 25th Street, one-half mile south of City Place Doral and three-quarters of a mile west of the Palmetto Expressway. Doral is a young, affluent and educated submarket located approximately ten miles west of downtown Miami.

The property will consist of 332 units in 13 three-story buildings with surface parking. The unit breakdown will include 33% one-bedroom units, 56% two-bedroom units, and 11% three-bedroom units. The average size of the units will be 1,015 square feet. The Residences at Intercontinental Village will feature large and spacious single level units with kitchen islands, granite counters, stainless appliances, wood-plank flooring, and walk-in closets. The community center will feature a leasing office, club room, cyber café, fitness center, and resort-style pool.

This transaction is the first joint venture between the two firms. Bill Chiasson, Senior Vice President of Real Estate Acquisitions for GID commented, “GID is glad to add RAM to our list of development partners. GID is familiar with the product quality and professionalism through our pursuit of other RAM developed acquisition opportunities in other markets. This provided an excellent opportunity to build a deal at a garden-style basis that will have a competitive advantage over its mid-rise neighbors in the marketplace. We look forward to growing this relationship to include more developments in the future.”