Chris Spendley. Photo courtesy of LinkedIn
Undeterred by the threat of rent control, a national multifamily investor named a local executive to oversee its development platform’s growth in Greater Boston.
GID Residential Partners named Chris Spendley managing partner as it ramps up development plans in several East Coast markets. Spendley is a former executive with Quarterra and UDR.
The company is the national development platform for Boston-based GID, a vertically integrated investor, operator and developer with $32.8 billion in assets under management.
“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,” GID Residential Partners President Sean Caldwell said in a statement.
GID Residential Partners has a pipeline of approximately 3,500 housing units in Atlanta, Austin, Denver and Houston and is expanding in the mid-Atlantic and Florida.
Its past projects include Waterline Square, a $2.3 billion apartment and condominium project on Manhattan’s West Side, and the Cirrus and Stratus projects, a pair of 43- and 41-story residential towers in Seattle.
In a recent interview with Multifamily Executive, Caldwell said the proposed statewide ballot question on rent control did not discourage GID from its Boston expansion.
“In Boston, longstanding policies and zoning mechanics can create a practical effect and market perception of a regulatory environment that is restrictive to new multifamily growth, combined with current signals around proposed rent control measures, continues to create one of the highest barriers to entry in the country. I do not believe rent control will ultimately pass in its current form, but the fact that it is being discussed has introduced enough uncertainty to keep some investors on the sidelines,” Caldwell said.
In a 21-year commercial real estate career, Spendley has entitled and developed more than 2,400 rental homes and over $2.5 billion in multifamily transactions.
Waterline Square in Manhattan/Image courtesy of PR Newswire
