ATLANTA, GA (January 24, 2022) – Northland announced the acquisitions of SLX Atlanta, a 306-unit luxury mid-rise apartment community located in Chamblee, and a four-parcel 0.76 acre high-rise development site located at the corner of 17^th and Spring streets in Midtown. These acquisitions bolster a long-term commitment by the firm to continue to build, own, and invest in the state of Georgia and specifically, the greater Atlanta area. The purchases add to Northland’s rapidly growing list of multifamily properties since entering the state in 2020, which include Glenn Perimeter, The Sutton and The Lofts at Zebulon.

“We are excited to welcome SLX into our portfolio and to have secured the most compelling remaining development site in Midtown Atlanta,” said Matthew Gottesdiener, Chief Executive Officer. “Our investing horizon at Northland is fifty years, and we believe Atlanta’s current nation-leading growth trajectory is just getting started. In only thirteen months during a challenging investment climate, we are grateful to have solidified one of the highest quality multifamily portfolios in the city, with anchor assets in Sandy Springs, Chamblee, and Buckhead, and a Midtown site that will enable Northland’s development platform to deliver much-needed housing to the city.”

SLX Atlanta is a luxury mid-rise property located in Chamblee, offering 306 luxury apartments and 24,189 square feet of wellness-focused retail space. In a market pervaded by value-engineered commodity and mid-rise construction, SLX provides a rare differentiation. First, SLX boasts condo-quality interior finishes with bespoke over-sized floorplans, 9’4” ceilings, Pella slide patio doors, smart-home technology and gas ranges. Outside of its apartment homes, SLX’s amenities are peerless across Atlanta, providing residents with access to a resort-style pool with private cabanas, a rooftop lounge, soundstage, resident clubroom, cutting edge fitness center, work-from-home private and open-plan office spaces, a dog park, and vibrant retail space that will provide leading wellness services to its residents.

17th and Spring represents the most compelling multifamily development site in Midtown Atlanta today. The site is in the heart of Midtown, surrounded by nearly 30 million square feet of office space that is either existing, under construction or proposed. 17^th and Spring is also directly adjacent to Midtown Union, a dynamic mixed-use project currently under construction that will bring 32,000 square feet of retail to the development’s front door. Northland will design, entitle, capitalize, and develop the project without joint venture partners, and its vision for the site is a generational multifamily-anchored high-rise tower, activated by engaging street level retail.

Santo Dettore, Director of Development at Northland, who will lead the upcoming 17th and Spring development project said, “This site represents one of the few generational opportunities nationally to create an iconic example of thoughtful urban placemaking through a dynamic housing and retail mixed-use development. Atlanta’s incredibly exciting North Midtown neighborhood exemplifies the perfect ecosystem to execute on this vision.”

These acquisitions come one year after Northland Chairman Larry Gottesdiener and President and COO Suzanne Abair furthered the organization’s commitment to Atlanta by teaming up with former All-Star Renee Montgomery to become the new owners of the WNBA’s Atlanta Dream. Together, Larry, Suzanne and Renee have cultivated a new chapter for the franchise, which was awarded ESPN’s Humanitarian Team of the Year award for their heroic social justice work in 2020. Most recently, the team has built an outstanding leadership group in the front office and on the court that includes General Manager Dan Padover, President Morgan Shaw Parker and Head Coach Tanisha Wright.

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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PRESCOTT VALLEY, AZ (November 4, 2021) – Northland Investment Corporation today announced the acquisition of Homestead Talking Glass, a luxurious residential community in Prescott Valley, Arizona. Featuring 214 one-, two-, and three-bedroom homes across 15 buildings, the development offers a best-in-class residential experience with top-of-the-line homes in a thriving location. This property marks Northland’s entrance into the Prescott market and is its sixth Arizona community.

“With its beautifully appointed homes, luxurious amenities and convenient lifestyle, Homestead Talking Glass is an ideal addition to our portfolio,” said Mike Campbell, Northland’s Associate Vice President of Investments. “Arizona has long been one of our top-performing markets, and we are thrilled to expand our presence in the region with this acquisition.”

The homes at Homestead Talking Glass are situated across 9.4 sprawling acres of land. Each spacious apartment features nine-foot ceilings, modern kitchens with custom cabinetry, granite countertops, gourmet islands, tile backsplashes, and stainless-steel energy efficient appliances. Residents enjoy a variety of features that include walk-in closets, recessed lighting, full-sized in-home washers and dryers, private balconies and patios, and stunning city and mountain views. A suite of resort-inspired amenities provides an enhanced lifestyle for residents and includes a pool and spa; an outdoor pavilion and covered ramada that features a sitting area, TV and lawn games; a 24-hour fitness center with a virtual trainer; an on-site resident cinema room; a private dog park and indoor dog washing station; a spacious indoor lounge with a sitting area, TV, fireplace, and spacious kitchen; complimentary concierge services; and outdoor gas grilling stations.

Homestead Talking Glass also offers residents convenient proximity to community amenities and attractions. Its prime location in downtown Prescott Valley, known as the Entertainment District, is walking distance to premier shopping, dining and entertainment offerings, as well as quick access to highways 69 and 89A. Popular nearby establishments include Gabby’s Grill, Colt Grill, the Saturday morning Farmer’s Market, the Findlay Toyota Center sports and concert arena, and several nearby nature trails.

Northland owns and operates five other properties in Arizona, including 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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SPARKS, NV (February 18, 2021) – Northland Investment Corporation today announced its entrance into the Nevada market with the acquisition of Lumina at Spanish Springs, a sprawling multifamily residential community located in Sparks, NV. The property offers 330 tastefully designed one- to three-bedroom homes with resort-style amenities across beautifully-manicured grounds. Over the past few months, Lumina at Spanish Springs successfully completed its lease-up, facilitating an average of 35 move-ins during each month of the pandemic – a testament to the quality of its homes and the growing demand in the Reno-Sparks market.

“Lumina at Spanish Springs’s refined homes, ideal location, and superior amenities provide a fantastic living experience for residents, and we are thrilled about this acquisition,” said Mike Campbell, Associate Vice President of Investments at Northland. “The Reno-Sparks region’s reasonable property prices, low tax rates, and modest cost of living position the market extremely well for future growth as it continues to expand upon its established reputation as one of the most advantageous areas for development, especially in comparison to nearby California markets with sky-high costs of living and doing business. This acquisition and entrance into Reno reflect our long-standing commitment to affordable and business-friendly markets set up for long-term  success, and we are proud to add Sparks, Nevada to our portfolio of key secondary markets.”

Lumina at Spanish Springs features a suite of luxurious amenities that enhance its exceptional lifestyle, including a resort-style swimming pool with cabanas and a separate hammock garden; a modern and fully equipped fitness center featuring TRX, cardio, boxing, kettlebell and weight training equipment; outdoor fire and barbecue areas; a resident lounge featuring a billiards room, shuffleboard, and ski ball; a business center; a dog park with play structures; and a variety of outdoor gaming options. Lumina residents can also take advantage of the many attractions that the surrounding area has to offer, including some of the world’s most popular outdoor destinations such as Lake Tahoe’s world-class ski resorts, beaches and hiking trails; the Black Rock Desert; Boca and Stampede Reservoirs outdoor services; Red Hawk Golf Course and Resort; and several local parks and trailheads. Lumina is also proximate to multiple prominent retail centers featuring dining, entertainment and shopping destinations, as well as the University of Nevada, Reno.

In addition to its amenity spaces and nearby points of interest, the homes at Lumina offer an unmatched residential experience. Each of its spacious homes are “corner units” featuring oversized windows, allowing residents to enjoy multiple exposures and abundant natural light. The units are equipped with gourmet chef-inspired kitchens featuring premium stainless-steel appliances, gas ranges, quartz countertops with undermount sinks, islands, subway tile backsplashes, and textured wood cabinetry for a sleek and modern feel. Lumina’s homes also feature full-size washers and dryers, elegant wood-style plank flooring in the living areas and plush carpeting in the bedrooms, as well as rentable and attached garages for added comfort and convenience.

Reno-Sparks has undergone an explosion of economic development over the past few years as high-profile international companies such as Tesla, Apple, Google, Amazon, Blockchain LLC, Switch Digital and Panasonic have established themselves in the region. Lumina at Spanish Springs is located close to the region’s two corporate hotspots, the Tahoe-Reno Industrial Center (TRI-Center) and Reno Technology Park, which are home to over 130 institutional companies. As the region continues to attract and cultivate these top-tier businesses, the local economy will continue to boom and its attractiveness as a market will rise even further.

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

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Northland Investment Corp. closed on a 320-unit apartment complex near Atlanta’s Pill Hill for its first investment in the city and its second in the state.

The real estate private equity firm out of Massachusetts paid $90.55 million for Novel Perimeter, a luxury apartment building completed in 2018 at 5755 Glenridge Drive. Northland acquired the property from Crescent Communities and Bluerock Residential Growth REIT, with the deal coming out to nearly $283,000 per unit.

Crescent developed the high-end property at the Interstate 285 and state Route 400 interchange minutes northwest of Pill Hill, Atlanta’s premier health care hub that hosts the highest concentration of medical health care providers in Georgia. The property is also located close to the Central Perimeter business district and in proximity to several large corporate campuses including the U.S. headquarters of Mercedes-Benz.

Novel Perimeter sold quickly after having only been on the market for about 45 days, Kyle Brock, managing director with Crescent, told CoStar. The selling venture had initially intended to bring the property to market earlier in the year, though plans were delayed due to the onset of the coronavirus pandemic. The sellers ultimately listed the property after market and property fundamentals proved resilient amid the ongoing public health crisis.

Crescent and Bluestone completed lease-up at Novel Perimeter in September, with the property stable at approximately 91% leased since that time, Brock said.

This acquisition marks the first in Atlanta for Northland, which highlighted the area’s demographics and the property’s top-of-market amenities as primary motivators behind the purchase. Novel Perimeter offers one- to three-bedroom units and sports a 2,500-square-foot gym with a dedicated yoga and spin room, a saltwater pool, coffee bar and a tanning shelf and cabanas.

Northland closed on its first apartment investment in Georgia earlier this year with the $41.4 million purchase of Lofts at Zebulon in Macon, a city located roughly 85 miles southeast of Atlanta. Northland owns and operates more than 25,000 apartment units across the country.

For the Record
Chris Goldsmith and Patrick Jones of Walker & Dunlop represented the selling venture in negotiations. CBRE Multifamily Capital provided $64.33 million in acquisition financing to the buyer.

For more detailed information on this transaction, please refer to CoStar COMPS #5314493.

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Formerly Elan Sarasota, The District at Rosemary is a four-story, 286-unit apartment community in the Rosemary District.

Northland Investment Corporation has announced the acquisition of The District at Rosemary, formerly Elan Rosemary, a four-story, 286-unit, mid-rise apartment community in Sarasota’s Rosemary District. The apartments offer a selection of studios, one- and two-bedroom residences that feature open floor plans, quartz countertops, full-size washers and dryers, stainless steel appliances and balconies or patios in certain apartments. including a resort-style swimming pool with sundeck, lounge seating, outdoor kitchen, grilling stations and dining areas, fitness center and yoga studio, community clubhouse, media and billiards lounge, and a dog park with agility course.

The District at Rosemary is Northland’s 33^rd multifamily property in Florida; the company closed 2019 with more than $1 billion in capital transactions and $500 million in total acquisitions in cities including Tucson, Albuquerque, Boynton Beach, Charleston and Charlotte. It’s the second-largest multifamily owner and operator in Florida, with $6 billion in assets under management and properties in Fort Myers, Melbourne, West Palm Beach, Orlando, Boynton Beach, Bradenton, Jupiter, Plantation, Sanford, Coconut Creek, Tampa, Ocala, Indialantic, Orange City, Fort Lauderdale, Bonita Springs and Land O’Lakes.

To view the full article, visit https://www.sarasotamagazine.com/home-and-real-estate/2020/01/northland-acquires-the-district-at-rosemary

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While investors overall continue to find the Gulf Coast multifamily rental market attractive — for a third consecutive year — several companies are taking a “more is better” approach.

Northland Investment Corp., Federal Capital Partners and Radco Cos., among others, each have acquired at least a half dozen apartment properties in Tampa and elsewhere over the past three years.

Each maintains owning multiple complexes within a submarket allows for greater knowledge of market nuances, operating efficiencies, greater leverage with vendors and the ability to capture higher caliber employees.

Tampa, in particular, also is considered attractive because of its pro-business governments, job and population growth and infrastructure and other improvements.

“You can definitely obtain a better negotiating position with contractors and vendors by owning multiple properties in any given market,” says Matthew Gottesdiener, Boston-based Northland’s chief investment officer.

“But perhaps more importantly, owning several properties allows you to develop a more keen understanding of a local market.”

In October, Northland spent $112 million to buy the 35-story Element apartment tower in downtown Tampa, its fifth acquisition in the region in as many months.

The company, which in all owns 32 properties containing more than 9,000 units statewide, followed that 395-unit purchase up by buying the 360-unit Echo Lake community in Lakewood Ranch for $76.1 million, records show.

“There are a lot of good reasons to own multiple properties, as we do in the Tampa area,” says Norman Radow, founder and CEO of Radco Cos. “First of all, when you’re in the value-add business, as we are, you can’t just buy a property, send a construction crew down to fix it and be done.

“Care requires people, on-site,” he adds. “And that requires local relationships. And you can just do things more efficiently and get better pricing on materials and alike spread over a wider platform.”

Radow describes Tampa, where the company owns roughly 2,000 apartments, as a “model of success” for its job and population growth and commitment to infrastructure improvements in the wake of last decade’s recession.

He agrees with Gottesdiener that owning more than one complex can provide intimate market knowledge that a single holding cannot.

“If you have five properties in a market and you have problems with one, you can better determine what the issues are,” Radow says.

In June, Radco paid $41.7 million for the 536-unit Cordova Apartment Homes in Tampa, its sixth purchase in the city. The Atlanta-based company, as part of a $7.7 million rehabilitation, rebranded the community Sunstone Palms.

Part of the decision to cluster properties may also stem from a corporate strategy to focus on a limited number of markets nationwide.

That’s what drew Federal Capital Partners (FCP), a Chevy Chase, Md.-based firm, to Tampa.

FCP has acquired four area rental properties and financed two others over the past 18 months — including the 326-unit Belara Lakes and the 200-unit The Commons, both in Tampa, which were purchased for a combined $46.4 million.

“Those deals speak to our view of the Tampa market,” says Jason Ward, a FCP vice president. “We’re only focused on 10 markets nationwide, and Tampa is one of them. It’s one of the markets where there’s an older housing market and it’s a fast-growing job market.

“Our philosophy is that instead of being spread out too far, we’d rather focus on select geographic areas,” Ward adds.

In all, FCP now controls more than 800 apartments in Central Florida, a significant chunk of a portfolio of acquisitions or financing arrangements topping $5 billion.

“When you buy multiple properties in a region, as FCP does, they go in and clean them up, improve them, and then they can provide residents with a more affordable option and a better product than the competition,” says Matt Mitchell, a managing director in commercial brokerage firm HFF’s Tampa office, who represented the seller in FCP’s Commons’ purchase.

Gottesdiener, too, says the decision to cluster properties in Florida remains part of broader strategy.

“A big part of Northland’s DNA is that the company has a long-term focus,” he says. “We typically look at things through a 10-, 15- or even 25-year horizon. We believe there’s a direct economic benefit to developing a sense of scale in a market, because that leads to higher quality — and we think renters know quality when they see it.”

Both Gottesdiener and Radow say there’s another but equally practical reason to focus ownership: employees.

“People want to be part of a growing company, because they know there’s a chance for advancement,” Radow says. “That allows us to get a more professional staff.”

To view the full article, visit https://www.businessobserverfl.com/section/detail/hitting-critical-mass/

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Austin Business Journal
December 14, 2017
By Jan Buchholz

Northland Investment Corp., headquartered in Newton, Massachusetts, bought The Park at Monterey Oaks at 4701 Monterey Oaks Blvd. in Southwest Austin. It’s a huge multifamily property in the coveted southwest submarket. The 430 units are situated on 37 acres of heavily wooded property — a distinctly different vibe than a downtown high-rise, but still appealing with its Hill Country ambiance. The price was not disclosed, but the Travis Central Appraisal District valued the property at nearly $71 million for 2017 tax purposes. The seller was an entity formed by Cornerstone Real Estate Advisers in Chicago, which had owned the property since November 2013. No brokers were mentioned in the announcement. Northland now owns 19 apartment communities in the Austin market.

To view full article, visit https://www.bizjournals.com/austin/news/2017/12/14/real-estate-roundup-twin-liquors-opens-store.html

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NEWTON, MA and Austin, TX (December 11, 2017) – Northland Investment Corporation, a member of the National Multifamily Housing Council’s Top Fifty Owners and the largest multifamily owner in Austin for the past decade, announced today the acquisition of The Park at Monterey Oaks, a 430-unit Class A garden-style community in Austin’s highly desirable southwest submarket. The property’s close proximity to downtown Austin, major employers, and large retail centers offers residents a highly desirable place to live in a rapidly growing metropolitan area.

“We are excited to add The Park at Monterey Oaks to our Austin portfolio, ” said Matthew Gottesdiener, Northland’s Chief Investment Officer.  “With this acquisition, we now own 2,346 units spread across 176 acres in the prestigious southwest submarket and are well-positioned to benefit from the rapid employment growth and continued economic expansion in Austin.”

Completed in 2000, The Park at Monterey Oaks consists of fifteen two- and three-story residential buildings, a clubhouse, laundry building, and maintenance shop, all set on over 37 sprawling acres of scenic Hill Country. The community’s low-density design is reflective of the surrounding environment, and includes a property-owned park, numerous water features, community garden, nature trail, boat parking, and pool, all within fifteen minutes of Austin’s CBD.   The Park at Monterey Oaks brings Northland’s ownership in greater Austin to 19 multifamily properties, totaling 7,040 units.

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NEWTON, MA and Bradenton, FL (OCTOBER 30, 2017) – Northland Investment Corporation, a member of the National Multifamily Housing Council’s Top Fifty Owners, announced today the acquisition of Echo Lake, a 360-unit luxury apartment community. The purchase of the new development in the prestigious Lakewood Ranch master-planned community marks Northland’s sixth acquisition in as many months as the firm, now the second largest owner-operator of market-rate multifamily residential communities Florida, continues its expansion in the state.

“We are thrilled with the opportunity to acquire Echo Lake, one of the nicest garden-style luxury apartment communities in the state of Florida. This deal was particularly exciting for us, as we were able to again acquire a best-in-class community without a competitive marketing process, a testament to Northland’s unblemished track record and reputation for absolute surety of close,” said Matthew Gottesdiener, Northland’s Chief Investment Officer. “Bringing our leading management practices to a beautiful property in the desirable Lakewood Ranch community, we will offer Echo Lake residents excellent value while also advancing our overall long-term growth strategy.”

Completed this past May, Echo Lake is a twelve-building residential complex consisting of one-, two- and three-bedroom apartments, spread across an expansive 41-acre site. Echo Lake is fully stabilized, leasing up at record-speed without offering any concessions, and is currently 93% occupied. The community’s unprecedented amenity package includes a 3.5-acre park, a state-of-the-art fitness center, a zero-entry saltwater pool, and community garden plots. The Echo Lake acquisition is Northland’s second in the North Port-Bradenton-Sarasota metropolitan area. The firm also owns and manages the nearby Yacht Club at Heritage Harbor.

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