GID, a real estate owner, operator, developer, and investor, has expanded its development business with the launch of GID Residential. The dedicated multifamily development platform will advance and complement GID’s overall strategy of growing its private market platforms in sectors with attractive risk-adjusted returns.
GID Residential Partners will leverage the firm’s deep experience, reputation, and national reach of its parent firm, which has a vertically integrated platform with in-house development, design, construction, and execution.
“The launch of GID Residential Partners marks an exciting evolution of our development platform, the roots of which go back to our firm’s founding more than 65 years ago,” said GID president and CEO Greg Bates. “We believe this expansion allows GID to bring all its resources to bear in addressing the nation’s acute housing shortage. We expect to be a market leader in the production of new housing, leveraging the operational quality and consistency that GID’s residents and investors have come to expect.”
GID Residential Partners has an existing pipeline of 3,500 units in Atlanta; Austin, Texas; Denver; and Houston and is expanding in markets nationwide. It expects annual development activity of approximately $1.25 billion, focusing primarily on wrap, podium, and garden-style communities.
GID has tapped Sean Caldwell as president of the new venture. He brings decades of experience as a multifamily development executive, most recently serving as founding partner and executive managing director at Mill Creek Residential. He has overseen the development of more than 15,000 multifamily homes.
“GID Residential Partners represents an exciting new chapter in GID’s continued expansion,” said Caldwell. “I’m looking forward to building an exceptional team while working close with GID’s leadership to leverage its operational and financial strength to deliver quality multifamily developments at scale. I’m honored to lead this company.”
John Gagnier, president of GID Global Development, said Caldwell’s leadership will be key as the company expands at scale. “While we expect continued development challenges in certain markets, the U.S. housing market is fundamentally undersupplied, and we see a compelling opportunity for GID.”