Boston, MA – (December 28, 2017) – GID announced today that it has acquired Delray Preserve, a 188 unit apartment community located in Delray Beach, Florida. The property is situated along Federal Highway near the Intracoastal Waterway and provides excellent access to many of South Florida’s largest employment centers as well as to Atlantic Avenue, a lively, pedestrian-friendly retail corridor with dozens of well-regarded restaurants and shops.
Built in 2016, the garden-style property consists of seven residential buildings and one single story clubhouse with surface parking and a limited number of private garages. The community offers a mix of one bedroom, two bedroom and three bedroom units, with an overall average unit size of 1,089 square feet. Unit finishes consist of 9 foot ceilings, quartz countertops, subway tile backsplashes, hard surface flooring in all rooms, Nest thermostats, and wine refrigerators. Community amenities include a large swimming pool and club room, fitness center, business center, and outdoor grills and seating area.
Jesse Shapiro, Vice President of Acquisitions at GID commented, “This transaction provided an opportunity to acquire a newly constructed apartment community in the city of Delray Beach. The property’s close proximity to Atlantic Avenue offers residents a unique downtown environment that is rare in South Florida. We are pleased to add such a high-quality asset into our expanding Florida portfolio.”