GID Announces Cambridge, MA Development Joint Venture

October 17, 2011, Boston - GID announced today that it has formed a joint venture with Criterion Development Partners to develop a 227-unit apartment community in the Alewife section of Cambridge, MA. The property has frontage on Route 2 (the Concord Turnpike), which connects Downtown Boston with Route 128/I-95, and is situated less than a half mile from the Alewife MBTA subway station, offering residents convenient access to Harvard Square, East Cambridge, and Downtown Boston.

The subject property is scheduled for delivery in the first quarter of 2013. The four acre site will consist of 227 units in four stories, providing 213,445 square feet of net rentable living space (936 square foot average home size). The unit breakdown will include 16% studio units, 45% one-bedroom units, and 39% two-bedroom units. The property will feature an expansive 6,500 square foot clubhouse with lounge, game room, theater, teaching kitchen, resort-style swimming pool with sundeck and spa, and a state-of-the-art fitness center. Apartment amenities will include nine-foot ceilings with granite countertops, stainless steel appliances, espresso stained wood cabinetry, hardwood flooring, and full-size washer & dryers in each unit.

Bill Chiasson, Director of East Coast Acquisitions for GID commented, “The addition of this asset signals our commitment to acquiring high-quality assets in the best apartment markets in the country. We are also thrilled that this acquisition happens to be so close to our corporate headquarters in Boston.”