acquisition Archives - Northland https://northland.com/tag/acquisition/ Just another WordPress site Fri, 07 Jul 2023 20:36:15 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 Northland acquires THEA at Metropolis in Los Angeles, California https://northland.com/northland-acquires-thea-at-metropolis-in-los-angeles-california/ Tue, 08 Nov 2022 23:10:57 +0000 https://northland.com/?p=17684 In historic half billion-dollar acquisition, premier multifamily owner enters California market with acquisition of 59-story 685-unit LA residential tower.   Los Angeles, CA (November 8, 2022) – Northland, a national real estate private equity firm with $8 billion of assets under management, announced today its California market entry with the acquisition of THEA at Metropolis […]

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In historic half billion-dollar acquisition, premier multifamily owner enters California market with acquisition of 59-story 685-unit LA residential tower.

 

Los Angeles, CA (November 8, 2022) – Northland, a national real estate private equity firm with $8 billion of assets under management, announced today its California market entry with the acquisition of THEA at Metropolis in downtown Los Angeles (DTLA). Conceived, designed, and built as for-sale condominiums before being converted to apartment homes after construction, THEA was completed in 2020 and is currently stabilized at 91% occupancy. With a $504 million acquisition price, the transaction represents one of the largest single asset market-rate multifamily acquisitions in U.S. history.

 

Located on 8th Street in the heart of DTLA, THEA is a 59-story, 685-unit Type-I constructed mixed-use asset with 30,000 square feet of ground floor retail. In a Los Angeles market characterized by best-in-class construction and luxury finishes, THEA nonetheless stands apart, boasting: full curtain wall floor-to-ceiling glass construction; gracious 1,038 square foot average unit sizes; luxury condo-spec interior finishes featuring real oak wood flooring, Gaggenau and Miele appliances, European custom designed cabinetry, smart-home features, and gas cooking ranges; and an unprecedented 1.5-acre podium amenity deck with resort-style pool, cabanas, catering kitchen, rooftop dog park, serene urban garden and playground. THEA also features eight penthouse units located on the top two floors, all of which are corner units with an average size of 3,052 square feet, 10-16’ ceilings, and unobstructed 360-degree views.

 

“In THEA, Northland secured an extraordinary opportunity to acquire the highest quality luxury apartment tower in the United States at a steeply discounted price. The building’s spectacular design, condo execution, and unparalleled amenities offer residents a next-level experience that will hold the test of time,” said Matthew Gottesdiener, CEO of Northland. “Northland believes fervently in the enduring appeal of California and a vibrant future for Los Angeles, and we are encouraged to find these are contrarian opinions well compensated in the market today.”

 

The purchase price values the multifamily units (97% of total) at $714,000 per unit and $688 per square foot, a 40-45% discount to today’s replacement costs. Northland acquired THEA without any partners, investing through its unique multi-decade-horizon discretionary funds, and financed the purchase with 10-year fixed rate debt. The majority of the equity invested in THEA came from Northland’s successful disposition of Hilands, an 826-unit 1986 Tucson-located property the firm acquired for $21 million in two purchases in 1992 and 1997 and sold earlier in 2022 for $178 million.

 

“The acquisition of THEA represents an important evolutionary achievement for our firm,” said Gottesdiener. “Over the past decade, Northland has grown from a Class B suburban garden apartment investor with concentrated exposure in Austin, Florida, and New England, to a national owner, operator, and developer, with one of the highest quality diversified multifamily portfolios across now sixteen states.”

 

Situated within Los Angeles’s Central Business District, THEA is part of a master planned community called the “Metropolis,” a 6.3-acre mixed-use development. Residents are conveniently located only two blocks away from L.A. LIVE, a 5.6 million square foot sports and entertainment complex that encompasses Crypto.com Arena, Microsoft Theater, and numerous restaurants and bars. As the West Coast’s largest economic hub, downtown Los Angeles provides substantial employment opportunities through a wide range of industries including entertainment, professional services, technology, healthcare, and fashion. In addition, the tower is adjacent to Interstate 110 (I-110), providing easy access to the neighborhoods of Hollywood, Beverly Hills, Venice, and Santa Monica.

 

Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units throughout sixteen states, and a $3 billion development pipeline with marquee land sites in Boston, Atlanta, Orlando, Denver, and Richmond. Following the acquisition of THEA, Northland’s portfolio now presents an average vintage of 2006, with 30% comprising infill mid-rise or urban high-rise assets.

 

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Northland Acquires First Active Adult Community with Emblem Alpharetta https://northland.com/northland-acquires-first-active-adult-community-with-emblem-alpharetta/ Wed, 24 Aug 2022 12:52:03 +0000 https://northland.com/?p=17331 National real estate owner, operator, and developer furthers commitment to Georgia with entrance into Alpharetta Market, diversifies portfolio with first age-restricted community   ALPHARETTA, GA (August 24, 2022) – Pre-eminent national real estate private equity firm, Northland, announced today the acquisition of Emblem Alpharetta, an Active Adult community in Alpharetta, Georgia, representing a new asset […]

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National real estate owner, operator, and developer furthers commitment to Georgia with entrance into Alpharetta Market, diversifies portfolio with first age-restricted community

 

ALPHARETTA, GA (August 24, 2022) – Pre-eminent national real estate private equity firm, Northland, announced today the acquisition of Emblem Alpharetta, an Active Adult community in Alpharetta, Georgia, representing a new asset class for the firm. Emblem Alpharetta is a 210-unit, fully leased community that offers one- and two-bedroom homes in a four-story building, centered around a resort-style pool and sundeck. This acquisition furthers Northland’s commitment to investing in Georgia and is the firm’s fourth investment in the state this year.

 

“We’re thrilled to announce the acquisition of Northland’s first Active Adult community,” said Matthew Gottesdiener, CEO of Northland. “Emblem Alpharetta presents an opportunity to expand our platform of best-in-class apartment ownership and management to more directly serve the fastest growing age cohort in the country. We are excited to invest more than $3 million in the community and to continue our growth in Atlanta by entering Alpharetta, one of the most dynamic submarkets in the region.”

 

Spanning seven acres, Emblem Alpharetta features luxury amenities with an emphasis on wellness, including a state-of-the-art fitness center, bocce ball court, and outdoor entertaining spaces for residents to enjoy. For individuals seeking an active lifestyle, nearby outdoor attractions include Big Creek Park, the Chattahoochee River National Recreation Area, and numerous local golf courses. Other onsite amenities include a library, structured parking garage, clubhouse, lounge, and conference spaces. The community is within close proximity to the North Point Mall, which is currently undergoing a large-scale redevelopment.

 

Approximately 25 miles north of downtown Atlanta, Alpharetta is home to 70,000 residents and over 700 innovative technology companies. Boasting 4,632 employees per square mile, Alpharetta’s strong workforce demographics, impressive job growth, and top-ranked school systems set the city apart as one of the best places to live in Georgia. Nearby employers include Microsoft, Goldman Sachs, SAP, Clorox, Nokia, Ernst & Young, HP, Cisco, and Aetna.

 

This acquisition comes during an exciting time of growth for Northland. Since entering the Atlanta market in 2020, the firm has invested more than $600 million to acquire 1,600 apartments and additional developable land for $250 million in future projects. Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across 14 states in the U.S.

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Northland Enters the Wisconsin Market with Acquisition of Preserve West https://northland.com/northland-enters-the-wisconsin-market-with-acquisition-of-preserve-west/ Mon, 08 Aug 2022 15:23:19 +0000 https://northland.com/?p=17241 Premier national multifamily owner, operator, and developer expands Midwest footprint MADISON, WI (August 8, 2022) – Leading real estate private equity firm Northland announced its entrance into the Wisconsin market with the acquisition of Preserve West, a 318-unit, garden-style community that offers one, two and three-bedroom homes in Madison. Formerly known as ReNew 78 West, […]

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Premier national multifamily owner, operator, and developer expands Midwest footprint

MADISON, WI (August 8, 2022) – Leading real estate private equity firm Northland announced its entrance into the Wisconsin market with the acquisition of Preserve West, a 318-unit, garden-style community that offers one, two and three-bedroom homes in Madison. Formerly known as ReNew 78 West, this is the second property that Northland has acquired in the Midwest this year. In February, the firm entered the region with the acquisition of SoRoc on Maine in Rochester, Minnesota. This acquisition comes at an exciting time of expansion for Northland, marking the firm’s ninth acquisition in the past seven months.

 

“As Northland continues to expand its Midwest footprint, we’re thrilled to announce our entrance into the Madison market with the acquisition of Preserve West,” said Mike Campbell, Vice President of Investments. “Madison fosters a business-friendly environment conducive to economic growth through access to public capital and a strong pipeline of young professionals. Preserve West is an ideal addition to Northland’s growing portfolio, offering uniquely large floor plans in a supply constrained pocket of Madison.”

 

Preserve West spans 17 two- and three-story buildings across roughly 20 acres. Each building offers underground parking, and community-focused amenities include a clubhouse, fitness center, co-working space, and communal kitchen. The beautifully landscaped property also boasts several outdoor grilling stations and pergolas for residents to enjoy.

 

Located along the Beltline in the West Madison submarket, Preserve West offers convenient access to a variety of local retail and dining options. Residents are within walking distance of several grocery stores, and conveniently located nearby the West Towne Mall. For those attracted to outdoor lifestyles, there are numerous recreational options available close by, including parks, golf courses, and ice arenas. Large regional employers in the area include Epic Systems, American Family Insurance, Spectrum Brands, and the University of Wisconsin.

 

Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across the U.S. These acquisitions add to Northland’s portfolio of long-term markets across 14 states spanning New England, the Midwest, and Southwestern and Southeastern regions.

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Northland Furthers Commitment to Georgia with the Acquisition of Station at River Crossing in Macon https://northland.com/northland-furthers-commitment-to-georgia-with-the-acquisition-of-station-at-river-crossing-in-macon/ Mon, 11 Jul 2022 19:31:24 +0000 https://northland.com/?p=17141 National real estate owner, operator, and developer secures its fourth Georgia acquisition in seven months   MACON, GA (July 11, 2022) – Northland, a leading national real estate private equity firm with $8 billion of assets under management, announced today the acquisition of Station at River Crossing, a fully leased, 91-unit residential community in Macon, […]

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National real estate owner, operator, and developer secures its fourth Georgia acquisition in seven months

 

MACON, GA (July 11, 2022) – Northland, a leading national real estate private equity firm with $8 billion of assets under management, announced today the acquisition of Station at River Crossing, a fully leased, 91-unit residential community in Macon, GA. This deal marks the fourth Northland acquisition in Georgia this year and further reinforces the firm’s long-term commitment to investing in the state and enhancing Georgia’s communities.

 

“Station at River Crossing is ideally situated in the heart of affluent Northwest Macon and one of the few assets with true walkability to the area’s most exciting retail and dining destinations,” said Andy Young, Director of Investments at Northland. “Since our entry into Macon in 2020, Northland has sought to expand in the area with a focus on class-A assets with market leading finishes that would allow us to leverage our extensive expertise and national operating platform to elevate the resident experience. Our team has been pursuing Station at River Crossing for the past year, and we’re thrilled to finally be adding this community to our growing Georgia portfolio.”

 

Offering a mix of one-, two-, and three-bedroom homes, Station at River Crossing’s contemporary design emphasizes modern finishes including granite countertops, stainless-steel appliances, hardwood floors, and in-unit laundry, with some residences also including large balconies. Spanning roughly five acres, the residential community provides residents with access to an impressive suite of onsite amenities including an expansive outdoor pool surrounded by a large pool deck and courtyard, stone fire pits, and an outdoor seating area with televisions. Inside the building residents can also enjoy a spacious lounge, game room, and fitness center.

 

Station at River Crossing is Macon’s preeminent, pedestrian-friendly community, ideally situated adjacent to the Shoppes at River Crossing, a large regional lifestyle center including a variety of major retailers and exciting dining options. The proximity to the Shoppes at River Crossing provides convenience and walkability, differentiating Station at River Crossing from other residential communities in Macon. The area also provides significant employment opportunities through several regional employers that include Amazon, Embraer, Irving, Stevens Aerospace and Defense, and Navicent Health.

 

This acquisition comes during an exciting growth period for Northland. Since entering Georgia in 2020 with the acquisition of the Lofts at Zebulon, also located in Macon, the firm has invested $540 million to acquire 1,400 apartments, and an additional $250 million in developable land for future projects. Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across the U.S. The firm’s long-term markets include properties in 13 states spanning New England, the Midwest, and Southwestern and Southeastern regions.

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Northland Adds The Maven to Firm’s Growing Georgia Portfolio https://northland.com/northland-adds-the-maven-to-firms-growing-georgia-portfolio/ Thu, 05 May 2022 15:58:52 +0000 https://northland.com/?p=16891 Premier national owner, operator and developer expands investment footprint in Georgia’s highly sought-after multifamily market   SUWANEE, GA (May 5, 2022) – Northland, a leading national real estate private equity firm with $7 billion of assets under management, has announced the acquisition of The Maven, a fully leased 276-unit, garden-style community located in Suwanee, GA. […]

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Premier national owner, operator and developer expands investment footprint in Georgia’s highly sought-after multifamily market

 

SUWANEE, GA (May 5, 2022) – Northland, a leading national real estate private equity firm with $7 billion of assets under management, has announced the acquisition of The Maven, a fully leased 276-unit, garden-style community located in Suwanee, GA. The development spans 14 beautifully landscaped acres across five residential buildings, and over 12,700 square-feet of dedicated retail and office space. The Maven is the latest addition to Northland’s fast-growing national multifamily portfolio, and a key asset emblematic of the firm’s continued strategic growth in the hyper-competitive submarkets around Atlanta.

 

“In 2020, Northland entered the Atlanta market with the commitment to acquire and develop one of the highest quality and diversified portfolios of apartment communities in this economically vibrant city,” said Andy Young, Director of Investments. “With the acquisition of The Maven, Northland advances this goal further, welcoming into our portfolio a thoughtfully developed and well-located suburban asset in fast-growing Suwannee. And in a highly competitive investment market, Northland again utilized our multi-decade relationships and unparalleled transaction capabilities to source and acquire this best-in-class asset directly from a preeminent local developer.”

 

The Maven offers one-, two-, and three- bedroom homes and a full suite of onsite amenities in one of Georgia’s preeminent suburbs, including a multi-level clubhouse and leasing area; several lounge areas that can function as work or event spaces; and a luxurious, resort-style pool deck. There is also an emphasis on wellness through The Maven’s state-of-the-art fitness center, and ample outdoor amenities including a kitchen, bar space and lawn area perfect for gathering with friends and family. The Maven’s elegantly designed residences provide a wide assortment of open-concept floor plans with Scandinavian-influenced styling. Distinct features include chef-inspired kitchens with quartz countertops, stainless-steel Whirlpool appliances, and spacious walk-in closets that offer plenty of storage space for residents.

 

The Maven is located in Suwanee, GA, about 30 miles outside of downtown Atlanta. With a population of 21,000, Suwanee’s growth has been fueled by new job opportunities in a diverse mix of tech and distribution industries, including with major local employers AGCO, Asbury Automotive, Primerica, Intuitive Surgical, and Phillips Electronics, and the area’s strong school systems. Less than a mile from Suwanee’s active town center, The Maven places residents within a short walking distance from a variety of high-quality retail shops, restaurants, a vibrant arts community, and the scenic Brushy Creek Greenway.

 

This acquisition comes during an exciting time of growth for Northland. Since entering Georgia in 2020, the firm has invested $520 million acquiring 1,300 apartments and land for $250 million in future development. Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across the U.S. The firm’s long-term markets include properties in 13 states spanning New England, the Midwest, and Southwestern and Southeastern regions.

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It’s not just the Twin Cities: Investors attracted to entire state’s commercial real estate market https://northland.com/its-not-just-the-twin-cities-investors-attracted-to-entire-states-commercial-real-estate-market/ Mon, 28 Feb 2022 13:55:55 +0000 https://northland.com/?p=16643 REjournals February 25, 2022 By Dan Rafter   The Minnesota commercial real estate market remains an attractive destination for investors. And while much of this investment activity is centered in the Twin Cities itself, Minneapolis and St. Paul aren’t the only municipalities drawing investor dollars. No, investors are sinking their money into commercial real estate […]

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REjournals
February 25, 2022
By Dan Rafter

 

The Minnesota commercial real estate market remains an attractive destination for investors. And while much of this investment activity is centered in the Twin Cities itself, Minneapolis and St. Paul aren’t the only municipalities drawing investor dollars. No, investors are sinking their money into commercial real estate across the state, as one recent transaction proves.

 

Multifamily investor Northland has made its entrance into one of these markets, Rochester, Minnesota, about 86 miles from Minneapolis, acquiring SoRoc on Maine, a 186-unit garden community spanning three three-story residential buildings.

 

Mike Campbell, associate vice president of acquisitions with Newton, Massachusetts-based Northland, said that the company each year canvasses the country for secondary and tertiary markets that boast strong demographics and equally strong public/private partnerships.
This search put the Minneapolis-St. Paul area, and any communities within an hour-and-a-half drive or so, on Northland’s radar.

 

Campbell said that Rochester made sense because of its strong demographics, stable employment base and busy downtown area.
And there’s affordability. Northland prefers to invest in multifamily properties in which the rents are affordable to most nearby potential tenants.

 

“Affordability is huge for us,” Campbell said. “To know that residents in the market are comfortably able to afford the rents is important for us. That doesn’t always happen in some of the higher-cost markets in the country. The markets we look for are ones in which residents aren’t overburdened by rents.”

 

SoRoc on Maine itself was attractive to Northland, too, Campbell said. The property has undeveloped land adjacent to it, land that Northland plans to develop with 160 to 200 more apartment units, all of which will be part of an expanded SoRoc on Maine.

 

The hope is to start this construction within a year of acquiring the property, Campbell said.

 

This isn’t the first time that Northland will take such an approach. Campbell said that the company purchased a multifamily property in Santa Fe, New Mexico, that also had a small parcel of adjacent land. Northland built new units here, too, also incorporating them into the existing apartment complex.

 

Each of the existing buildings of SoRoc on Maine offers studio, one-, two-and three-bedroom units. SoRoc on Maine also boasts a variety of indoor and outdoor amenities. This includes a central green and pond, a pool, hot tub deck and bocce ball court.

 

SoRoc on Maine also benefits from its strong location. The apartment complex is near downtown Rochester, home to the headquarters of the Mayo Clinic and 3 million square feet of office and data center space for IBM.

 

Campbell said that Northland plans on investing in additional multifamily properties in Minnesota.

 

“Our ultimate goal is to establish a foothold in an area,” Campbell said. “We like to build a portfolio of units within a close radius of the existing properties we hold.”

 

Northland owns and operates a multifamily portfolio that includes more than 26,000 units across the United States. The Rochester acquisition adds to Northland’s portfolio of long-term markets within New England, Austin and the Southwestern and Southeastern United States.

 

Campbell said that multifamily properties consisted of 99 percent of Northland’s portfolio before the pandemic. That focus has only accelerated since COVID-19 hit, he said.

 

“Despite an influx of capital into the space and very aggressive and elevated competition, multifamily continues to be our bread and butter,” Campbell said.

 

Why has multifamily remained such a favored asset class for investors? Campbell said that the supply of single-family homes remains low, something that is sending more people toward apartments.

 

“We have almost four generations of Americans competing for the same housing now,” Campbell said. “The stock is very limited. Rentals continue to be an option for those who haven’t been able to buy. That seems to be pervasive regardless of market across the United States. For now, we don’t see that trend changing.”

 

Then there are the number of new investors moving away from assets such as office and retail, product types that have been hit hard by the pandemic, and putting their dollars instead into multifamily.

 

“Multifamily is more inflation-proof,” Campbell said. “It offers better risk-adjusted returns. It provides some predictable cash flow in otherwise uncertain economic times.”

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Northland Expands into the Rochester, Minnesota Market with Acquisition of SoRoc on Maine https://northland.com/northland-expands-into-the-rochester-minnesota-market-with-acquisition-of-soroc-on-maine/ Wed, 16 Feb 2022 20:18:24 +0000 https://northland.com/?p=16583 Premier multifamily owner and operator furthers national growth with fifth acquisition of 2022   ROCHESTER, MN (February 16, 2022) — Northland announced its entrance into the Rochester, Minnesota market with the acquisition of SoRoc on Maine, a 186-unit garden-style community. The property spans 6.82 acres and consists of three, three-story residential buildings offering studio, one-, […]

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Premier multifamily owner and operator furthers national growth with fifth acquisition of 2022

 

ROCHESTER, MN (February 16, 2022) — Northland announced its entrance into the Rochester, Minnesota market with the acquisition of SoRoc on Maine, a 186-unit garden-style community. The property spans 6.82 acres and consists of three, three-story residential buildings offering studio, one-, two-, and three-bedroom homes complete with underground parking.

 

Located along the Broadway Avenue corridor, SoRoc on Maine boasts an expansive variety of indoor and outdoor amenities. A spacious central green and pond provides residents with a vast open space inclusive of a large pool and hot tub deck, a bocce ball court and more. Connected to the pool is the stand-alone clubhouse, which offers rentable event space complete with entertainment options such as a pool table, shuffleboard, high top bar, coffee bar, and commercial kitchen. Unrivaled apartment interiors give residents a choice of unique floorplans and color schemes, all featuring high ceilings, quartz kitchen counters, stainless-steel appliances, side by side washers and dryers, dual basin undermount sinks, and chrome plumbing fixtures.

 

“Rochester is medium size city with two of the best anchor employers in the country, IBM and Mayo Clinic. In SoRoc, we have secured the highest quality suburban apartment community in the city, and with rents still highly affordable at below 20% of median household income,” said Mike Campbell, Associate Vice President of Acquisitions. “And with a shovel ready second phase, Northland has the exciting opportunity to bring 200 more apartments to the Rochester market and to execute on our expanding development capability.”

 

Residents of SoRoc on Maine are provided shuttle access to the Mayo Clinic headquarters in downtown Rochester. The world-renowned medical center has fueled the city’s growth with continued support from the state of Minnesota. The “Destination Medical Center” is a robust 20-year $5.6 billion economic development public-private initiative. In addition, global technology giant IBM’s combined three million square feet of office and data center space are nearby and have transformed Rochester into a bustling innovation hub. The Southern Rochester area also boasts major retailers, fast-casual dining, and hotel options.

 

Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across the U.S. These acquisitions add to Northland’s portfolio of long-term markets within New England, Austin, and Southwestern and Southeastern United States.

 

 

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Northland Marks Entrance Into Waco Market with Acquisition of The Legend https://northland.com/northland-marks-entrance-into-waco-market-with-acquisition-of-the-legend/ Tue, 25 Jan 2022 16:10:26 +0000 https://northland.com/?p=16496 National multifamily owner and operator continues to focus on growth markets in Texas, adding to a diverse portfolio that includes Austin, Cedar Park and Corpus Christi   WACO, TX (January 25, 2022) – Northland announced that it is expanding into the Waco, Texas market with the acquisition of The Legend, a 300-unit, three-story garden-style apartment community. The […]

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National multifamily owner and operator continues to focus on growth markets in Texas, adding to a diverse portfolio that includes Austin, Cedar Park and Corpus Christi

 

WACO, TX (January 25, 2022) – Northland announced that it is expanding into the Waco, Texas market with the acquisition of The Legend, a 300-unit, three-story garden-style apartment community. The Legend offers one-, two-, and three-bedroom homes in a gated community with convenient access to Waco’s thriving business hubs, dining options, and entertainment venues in one of the state’s fastest growing cities.

 

The Legend is located just six miles southwest of downtown, and less than a mile from the new Amazon fulfillment center and Baylor Scott & White Medical Center.  Situated on 17 beautifully manicured acres, the community  features a resort-style pool with cabanas and grills, a spacious clubhouse, a cyber business café with complimentary coffee and Wi-Fi, a fitness studio, a picnic area, and a pet park. Each home’s interiors are thoughtfully designed and feature granite countertops, full-size washers and dryers, undermount sinks, ceiling fans in bedrooms and living areas, large windows, designer glass pendant and track lighting, and wood-style plank flooring.

 

“Texas has long been one of our most active markets, and we are excited to add Waco to our portfolio with this acquisition,” said Mike Campbell, Associate Vice President of Acquisitions. “Not only does The Legend have a charming ambience and strong sense of community, but its proximity to the city’s economic hub makes it highly attractive to professionals who value Waco’s potential for career advancement in sectors spanning manufacturing to healthcare. This acquisition aligns with our long-term objective of expanding our presence in key secondary markets across the country that provide a strong opportunity for growth as we leverage decades of experience investing in Texas.”

 

Northland owns and operates 17 other residential properties in Texas, including Canyon Creek, Channing’s Mark, Great Hills, High Oaks, Madison at the Arboretum, Monterey Ranch, Museo, Northland at the Arboretum, The Park at Monterey Oaks, River Stone Ranch, Sedona Springs, Stonelake at the Arboretum, and Village Oaks in Austin; The Bay Club and Candlewood in Corpus Christi; and Cypress Gardens and The Lodge at Lakeline Village in Cedar Park. This acquisition reaffirms Northland’s commitment to Texas and expands its reach into a new key market for the firm.

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Northland Acquires Parke Place in Prescott Valley and Diversifies Portfolio to Include Single Family Rentals https://northland.com/northland-acquires-parke-place-in-prescott-valley-and-diversifies-portfolio-to-include-single-family-rentals/ Tue, 25 Jan 2022 16:08:35 +0000 https://northland.com/?p=16494 Prominent multifamily owner and operator purchases its second community in the Prescott market, offering highly sought-after standalone rental homes   PRESCOTT VALLEY, AZ (January 25, 2022) – Northland announced the acquisition of Parke Place, a newly constructed residential community in Prescott Valley, Arizona, that offers standalone residences, a new asset class for the firm. This strategic […]

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Prominent multifamily owner and operator purchases its second community in the Prescott market, offering highly sought-after standalone rental homes

 

PRESCOTT VALLEY, AZ (January 25, 2022) – Northland announced the acquisition of Parke Place, a newly constructed residential community in Prescott Valley, Arizona, that offers standalone residences, a new asset class for the firm. This strategic investment leverages the historic demand for “build to rent homes,” currently one of the best performing housing asset classes in the United States. Parke Place features 145 modern single-family rental homes and duplexes with one-, two-, and three-bedroom options in standalone and side-by-side style buildings. The property also offers private fenced in yards to maximize residents’ outdoor space and well-appointed amenities. Parke Place marks Northland’s seventh community in Arizona and its second in the Prescott market following the acquisition of the nearby Homestead Talking Glass apartment community in November 2021.

 

Parke Place spans 13 sprawling acres, creating a private neighborhood with plenty of open space for residents to enjoy. Each spacious apartment features ten-foot ceilings, stainless-steel energy efficient appliances, granite countertops, wood flooring, recessed lighting, side-by-side washers and dryers, walk-in closets with built-in shelving, sliding glass doors with access to private backyards, and ceiling fans in living areas and bedrooms. Amenities include a resort-style swimming pool and spa with a poolside lounge area and grilling stations, a dog park and pet spa, and an outdoor entertainment area with lounge seating and lawn games.

 

“We’re thrilled to continue the expansion of Northland’s portfolio in thriving northern Arizona,” said Mike Campbell, Northland’s Associate Vice President of Investments. “Parke Place is an ideal addition to our residential portfolio as it provides a unique blend of single-family living within an amenity-rich community. Not only does Prescott continue to see strong economic activity, the area also offers residents the opportunity to enjoy an active downtown lifestyle amidst Arizona’s stunning landscape.”

 

Parke Place’s central location in downtown Prescott Valley’s Entertainment District offers walkable access to the city’s eclectic shopping, dining, and entertainment options including the Findlay Toyota Center, a 6,200-seat sports and event venue.

 

Northland owns and operates six other properties in Arizona, including Homestead Talking Glass in Prescott Valley, the Villas at San Dorado and The Canyons at Linda Vista Trail in Oro Valley, and Pima Canyon, Promontory, and Hilands in Tucson.

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Northland Acquires Saddleworth Green in Ocala https://northland.com/northland-acquires-saddleworth-green-in-ocala/ Mon, 18 Oct 2021 14:03:20 +0000 https://northland.com/?p=16185 Florida’s second-largest multifamily owner and operator expands regional portfolio through purchase of premier community, plans improvements   OCALA, FL (October 18, 2021) – Northland Investment Corporation today announced the acquisition of Saddleworth Green, an expansive residential community located in Ocala, Florida, formerly known as Steeples Apartments. The property offers 480 garden-style apartment homes situated across 35 […]

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Florida’s second-largest multifamily owner and operator expands regional portfolio through purchase of premier community, plans improvements

 

OCALA, FL (October 18, 2021) – Northland Investment Corporation today announced the acquisition of Saddleworth Green, an expansive residential community located in Ocala, Florida, formerly known as Steeples Apartments. The property offers 480 garden-style apartment homes situated across 35 two-story buildings sitting on 44 secluded acres. Northland will be investing nearly $2M in renovations and aesthetic improvements across the property to optimize the resident experience.

 

“Saddleworth Green offers charming homes, expansive amenities, and an unmatched lifestyle on a lush and sprawling landscape located within one of Florida’s most vibrant communities, and we couldn’t be more excited to add it to the Northland portfolio,” said Mike Campbell, Associate Vice President of Investments at Northland. “Ocala’s beautiful natural elements and convenient lifestyle offerings make it an ideal place to live. We are thrilled to bolster our presence in the region through this acquisition and look forward to providing a refreshed and outstanding lifestyle for its residents.”

 

The property’s beautifully appointed one-, two-, and three-bedroom homes have recently been renovated with upgraded kitchens and bathrooms that feature stainless steel appliances, washer and dryer connections, new cabinetry, updated light fixtures, granite countertops, and whirlpool garden tubs. Its resort-inspired lifestyle is emphasized through an array of active amenities, including nature trails, two resort-style swimming pools, an outdoor California kitchen, a tennis court, and a pickleball court. Additionally, residents can take advantage of the state-of-the-art fitness center with a yoga room and an exclusive resident lounge, or let their pets explore the bark park.

 

Saddleworth Green is located in Ocala’s Southeast side, just minutes from Northland’s other local property, The Estates at Heathbrook. It is also ideally situated just two miles from the College of Central Florida, Paddock Mall, and Shady Oaks Shopping Center. In addition, Publix is located just steps away, while Ocala Regional Medical Center is 20 minutes away and the nearby FL-40 W allows for quick and easy access to Silver Springs.

 

Northland is the second-largest multifamily owner and operator in Florida. The company’s extensive portfolio includes properties in Fort Myers, Melbourne, West Palm Beach, Orlando, Boynton Beach, Bradenton, Jupiter, Plantation, Sanford, Coconut Creek, Tampa, Indialantic, Orange City, Fort Lauderdale, Bonita Springs, and Land O’Lakes.

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