NEW YORK, May 30 — GID, a vertically-integrated real estate owner, operator, developer and investor with $32.8 billion in assets under management, today announced the continued expansion of GID Residential Partners, its national development platform, with a strategic entry into the Boston market. The initiative will be led by industry veteran Chris Spendley, who joins the firm as Managing Director.
Building on GID’s longstanding multifamily development experience, the growth within Boston represents an extension of the firm’s recently announced GID Residential Partners platform. GID’s Boston presence reflects the firm’s continued focus on expanding its private market real estate strategies in markets where fundamentals, including population growth, employment trends and housing demand, have historically supported real estate investment activity.
“As one of the country’s most dynamic and supply-constrained housing markets, Boston is a natural fit for this next phase of GID Residential Partners’ growth,” said Sean Caldwell, President of GID Residential Partners. “Chris brings deep local relationships and multifamily institutional development experience throughout the region. His leadership and extensive Boston market knowledge will be instrumental as we continue expanding our footprint in the region.”
With more than 21 years of real estate experience, including the past decade in the Greater Boston market, Mr. Spendley brings experience in acquisitions, entitlements and project delivery, with a career spanning more than 2,400 rental homes entitled and developed, and over $2.5 billion in multifamily transactions. Before joining GID Residential Partners, Mr. Spendley was a leader in the Boston office of Quarterra Group. Prior to that he spent 11 years with UDR, Inc., holding leadership roles across both development and acquisitions.
“GID’s consistent momentum and long-term vision for its residential platform made this an exciting opportunity,” said Chris Spendley. “The firm’s integrated approach, strong team and commitment to high-quality development creates a compelling foundation for growth and new market opportunities across Boston and the broader Northeast region.”
GID Residential Partners continues to build upon GID’s vertically-integrated platform, including in-house development, design, construction and property management capabilities. Following its launch last year, the platform has established a pipeline of approximately 3,500 homes across Atlanta, Houston, Austin and Denver.1 The platform is currently expanding in the Mid-Atlantic as well as Miami-Dade, Broward and Palm Beach counties in Florida. Current plans also include expansion into key markets in the Northeast, Southeast, Southwest and West.
“Scaling in Boston aligns with our strategy of growing in markets supported by strong economic drivers and long-term residential demand,” said John Gagnier, President, GID Development. “Chris brings the local experience and development experience needed to help develop the platform thoughtfully and strategically.”
GID has delivered landmark projects, including Waterline Square in New York, High Street in Atlanta and Cirrus and Stratus in Seattle. The firm’s vertically-integrated platform provides alignment with partners and consistency, and the expansion of GID Residential Partners will further enhance the firm’s visibility in the national multifamily market.