The Food Bank works with food donors across the country, financial supporters and volunteers to fill unmet needs in Central Texas. Last year the food bank was able to bring 39 million meals to their community and provide food to families and local nonprofits that turn to them for help. For more information about the Central Texas Food Bank, visit https://www.centraltexasfoodbank.org

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Austin’s economic, demographic and social trends have a magnetic effect on developers and investors alike. Even though investment activity has softened compared to last year’s cycle high, some $961 million in multifamily assets have traded as of October.

After the highly successful performance of 2016, Austin’s real estate market fundamentals have slightly tempered in 2017, mostly due to a temporary surge in supply. The occupancy rate dropped to 94.6%, triggering a decline in rent growth, especially in the upscale Lifestyle segment. Investment activity has also softened, with roughly $960 million worth of apartments trading in the first 10 months of the year, about half of last year’s volume.

According to Yardi Matrix data, the metro’s top 10 apartment owners excluding private parties, boast portfolios ranging from 2,800 to 7,100 units. The total number consists of units that are in various stages of development including completed, under development and planned.

2. NORTHLAND INVESTMENT CORP.

Headquartered in Newton, Mass., the owner and property manager totals more than 23,500 units nationwide, 7,040 of which are in Austin—about two thirds of the portfolio consists of assets in the upscale Lifestyle segment and the remaining in the Renter-by-Necessity subdivision. The largest community is Monterey Ranch, a 54-building, 1,072-unit property spread on nearly 32 acres at 4701 Staggerbrush Road in Austin’s Oak Hill submarket. The massive development was completed in 1996 and consists of studio and one- to three-bedroom floorplans ranging from 498 to 1,160 square feet. Common area amenities at the controlled access community include a fitness center, business center, tennis court, volleyball court, basketball court, playground, five swimming pools, laundry facilities and 2,500 parking spaces.

To view the full article & list, visit https://www.multihousingnews.com/post/top-10-austin-apartment-owners/

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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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The Central Texas Food Bank work with food donors, financial supporters and volunteers to fill the unmet needs in Central Texas.  IN the past year they have helped bring 31 million meals to the community.  For more information, visit https://www.centraltexasfoodbank.org

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NEWTON, MA and Austin, TX (AUGUST 30, 2017) –Northland Investment Corporation, a member of the National Multifamily Housing Council’s Top Fifty Owners and Austin’s largest multifamily owner, announced that it has contributed $100,000 split between the Hurricane Harvey Relief Fund and the American Red Cross and will match up to an additional $25,000 of employee contributions.  Northland will also waive certain fees at its Austin, Texas communities for anyone displaced by the storm to help facilitate their temporary relocation until they can return safely home.

“We are saddened by the devastating effects of Hurricane Harvey and the unprecedented flooding in Houston and other areas of Texas,” said Suzanne Abair, Northland’s Chief Operating Officer. “As so many of our employees and residents call Texas home, we want to do our part to assist those who have been so severely impacted by this catastrophic event.”

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Background

Northland has a 25-year history in Austin entering in the early ‘90s recession and exiting in 2001 prior to the “tech wreck.”  Northland re-entered in 2005, when our research indicated that a diverse mix of job drivers, the city’s growing appeal to young professionals, and the state’s business friendly climate would ensure long-term stability and strong growth.  Northland specifically concentrated on the Arboretum and southwest submarkets, in-fill, high barrier to entry locations in a traffic burdened city.  While Austin was not spared the significant job losses and rent declines of the Great Recession, Northland believed that its diverse mix of job drivers, the city’s growing appeal to young professionals, and the state’s business-friendly climate would ensure Austin’s long-term stability and high growth trajectory.

Opportunity

When a large national REIT decided to exit its entire Austin position in 2008, the portfolio offered a tremendous opportunity for Northland: three direct adjacencies to our existing four property position in the Arboretum, four additional properties in the surrounding submarket, and two properties in the desirable southwest submarket.

Execution

Northland acquired the nine community portfolio and became Austin’s largest multifamily owner.  The distressed investment climate at the time – with difficult access to new financing, limited competition, and high levels of uncertainty – allowed Northland to step in and acquire the portfolio at a significant discount to true value.

Results

Northland’s analysis of Austin’s growth potential proved prescient, as the last five years has seen Austin solidify its identity as a top five city in the United States, as a hub of technology and innovation, and as a key job center to some of the U.S.’s most successful corporations.  Over the past six years, Northland’s 18 properties in Austin have experienced annual rent growth outperforming the national average.

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All properties considered for a 2016 Property of the Year awards were evaluated on three categories: staff and staff designations, physical/visual inspection and a blind shop of the property. Judges for the staff and physical inspection categories were all members of the Austin Apartment Association. The blind shop was performed by an independent entity.

Congratulations to the 2016 winners and thank you to all who participated in this year’s Property of the Year Awards program sponsored by The Austin Apartment Association.

Sapphire 300+ units 2016 Property of the Year
Properties built between 1982 and 1987.

Great Hills Apartments
Northland Investment Corporation

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