Adjacent to an existing Northland property in Melbourne, FL, Caribbean Villas had fallen into disrepair and was being poorly managed by its’ then owners.  The community had multiple uninhabitable units and due to neglected repairs, tarps were covering roofs for more than a year. However, the structure of the property was incredible, it had great floor plans and garages, and desirable amenity potential. Additionally, the property was situated next to a Northland community in a high growth location with economic drivers such as major retailers, employers, colleges, sought-after beaches, and highways all nearby. Northland saw the value and potential in rehabbing this asset.

Opportunity

The management upside combined with the unique structural qualities of the asset was an incredibly rare combination to find, and thus a fantastic opportunity for Northland to turn the property around. Northland acquired Caribbean Villas in July 2016.

Execution

Since acquiring Caribbean Villas, Northland has completed extensive interior and exterior upgrades, including upgrading 40% of the units, replacing roofs, new exterior paint, new garage doors, updating landscaping, redoing parking lots, installing a new monument sign, and updating the clubhouse.

Results

From when Northland acquired the property in July 2016 to December 2017, total revenue has increased by nearly 79%. A year and a half after acquisition, Caribbean Villas was preleased at 97%

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Following a trajectory it set in 2016, sales of multifamily rental projects led all other asset classes in both Sarasota and Manatee counties in 2017.

Of the Top Five deals in the submarket, four were for apartment complexes. In 2016, three transactions made the Top Five.

Unlike in 2016, though, when 60% of the total dollar volume of the Top Five deals was the result of apartment transactions, in 2017 that figure jumped to 86%.

Analysts say apartment sales have been driven by a relative lack of new supply and steady gains in population, even as home ownership rates have fallen in Florida and throughout the U.S.

In keeping with the two-year trend, too, the apartment purchases in 2017 were made by large, national firms like Continental Properties Co. Inc., Northland Investment Corp. and Advenir Inc., all of whom have been seeking to increase market share and solidify positions for future balance sheet growth — the result of incremental rent hikes that have been a feature of the market since 2015.

1 Echo Lake Apartments: $76.1 million

Northland Investment Corp. followed its $112.4 million deal for the 35-story Element tower in downtown Tampa two weeks later by acquiring Echo Lake Apartments in Lakewood Ranch.

The 360-unit complex, which was completed in May, contains 12 buildings on 41 acres.

Matthew Gottesdiener, Northland’s chief investment officer, calls Echo Lake “one of the nicest garden-style, luxury apartment communities in the state of Florida.”

Echo Lake, which was 93% occupied at the time of Northland’s purchase, features a 3.5-acre park, a state-of-the-art fitness center, saltwater swimming pool and community garden plots among its amenities.

Throughout Florida, Northland now owns nearly three dozen apartment communities containing nearly 10,000 units.

To view the full list and article, visit https://www.businessobserverfl.com/section/detail/2017-top-deals-sarasota-manatee/

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Unlike the two other submarkets along the Gulf Coast, the Tampa Bay area had a balanced and measured 2017.

Its Top Five showcased a pair of hotel deals, an industrial sale and a suburban office portfolio transaction.

Analysts say the diverse nature of the transactions represents a robust market, and one that is likely sustainable into the coming year and beyond.

Tampa Bay also demonstrated consistency in 2017: Its Top Five deals, in terms of overall dollar volume, came in at just $1 million more than the combined take in 2016, and a scant $32 million more than the largest five transactions brought in 2015.

2 Element: $112.4 million

Boston-based Northland Investment Corp. paid the most for any multifamily rental project along the Gulf Coast in 2017.

The company also cemented its place as Florida’s second-largest owner and operator of market-rate apartments with the deal.

Matthew Gottesdiener, Northland’s chief investment officer, describes the 35-story Element as a “best-in-class, downtown high-rise asset.”

The 395-unit complex, at 808 N. Franklin St., opened in 2009.

Northland intends to upgrade Element’s amenities and make other improvements, Gottesdiener says.

To see the full article and list, visit: https://www.businessobserverfl.com/section/detail/2017-top-deals-tampa-bay/

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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.

The post Northland Acquires Luxury Apartments in Prestigious Lakewood Ranch appeared first on Northland.

The company purchased Element, a 395-unit residential tower in downtown Tampa. The property marks Northland’s fifth purchase within the last five months.

Northland Investment Corp. has purchased Element, a 395-unit, luxury residential tower in the urban core of Tampa. The firm now owns 32 properties in Florida, including two recently acquired apartment communities in Jupiter. Element community marks Northland’s fifth purchase in the last five months.

The 35-story property was built in 2009 and is located at 808 N Franklin St. The area offers various dining and entertainment options such as the Tampa Theater, just a one-minute walk from the tower. The property comprises a mix of one- and two-bedroom apartments and two-bedroom penthouses.

Community amenities include:

• clubroom with plasma TVs
• 24-hour fitness center
• cabanas
• concierge
• controlled access
• elevated sundeck with spa
• swimming pool
• theater room

“We are very excited to enhance our local presence in Tampa while playing an active role in the ongoing downtown revitalization. Tampa has generated impressive gains in job, wage, and population growth during recent years and we are thrilled to be acquiring a best-in-class downtown high-rise asset significantly below replacement costs,” said Matthew Gottesdiener, chief investment officer of Northland, in prepared remarks.

To view full article, visit: https://www.multihousingnews.com/post/northland-expands-its-fl-portfolio/

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