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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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.

The post Case Study: The 2008 Acquisition of the “Austin 9” appeared first on Northland.

•  Twenty-eight members of the Southwest Florida team volunteered at The Harry Chapin Food Bank where they processed 18,560 pounds of produce, equivalent to 15,467 meals, for neighbors in need in Charlotte, Collier, Hendry, Glades, and Lee counties.
• A group in Austin worked at the Central Texas Food Bank where they helped keep mobile food pantry lines running smoothly. The food bank works with 250 partner agencies and helps with hunger relief in 21 counties across Central Texas. The volunteer time from the Northland team helped provide 7,791 meals.
• Employees from Northland’s Tucson communities contributed their volunteer time to Habitat for Humanity. They worked on laying brick, planting trees, and other projects to get a home built for a deserving family in the Tucson area.
• A group of 25 from the Newton, MA corporate office spent an afternoon at The Greater Boston Food Bank sorting and processing food to help the 1 in 9 people who go hungry each day in Massachusetts.
• Austin team members volunteered at the Austin Animal Shelter, which runs the largest no-kill animal shelter in the United States, providing shelter to more than 18,000 animals each year.
• Corpus Christi employees spent their time at the Corpus Christi Food Bank which feeds over 78,900 people in the Coastal Bend each year. The FBCC services an 11 country area of South Texas and works with 150 agencies and pantries.

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