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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May 20, 2022

By Lisa McDuffie

Newton, MA-based Northland has acquired The Maven, a fully leased 276-unit, garden-style community in Suwanee, GA about 30 miles from downtown Atlanta.

Since entering GA in 2020, Northland has invested $520 million to acquire 1,300 apartments and $250 million in land for future development, including the acquisitions of of SLX Atlanta and a Midtown development site in January 2022.

The Maven spans five residential building across 14 acres and includes over 12,700 square-feet of dedicated retail and office space. It is less than a mile from Suwanee’s town center and within walking distance to retail shops, restaurants and an arts community.

With a population of 21,000, Suwanee’s growth has been fueled by job opportunities in a mix of tech and distribution industries and employers AGCO, Asbury Automotive, Primerica, Intuitive Surgical and Phillips Electronics.

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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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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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