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/

The post Top 10 Austin Apartment Owners appeared first on Northland.

Monday, November 10, 2014

by Jan Buchholz

One of the largest single apartment communities in Austin was purchased by an East Coast company that owns more than 6,600 units in Austin already.

Northland Investment Corp. of Newton, Massachusetts, purchased the 1,072-unit Monterey Ranch at 4701 Staggerbrush Road in Southwest Austin. The seller was IMT Residential of Sherman Oaks, California.

The purchase price was not disclosed but the Travis Central Appraisal District values the property, which includes 54 buildings on 32 acres, at $47.6 million. It was built in stages between 1995 and 1999.

IMT had owned the property since September 2009, according to appraisal records.

Northland owns more than 21,000 units across the U.S., and Austin represents a large portion of that portfolio. The Monterey Ranch acquisition translates into 23 more Austin employees, Steven P. Rosenthal, president and CEO of Northland, said.

“We are very optimistic about Austin’s long term prospects,” he said in a statement.

The company now owns 18 communities in the Austin market, including two others in the southwest submarket: Sedona Springs at 4201 Monterey Oaks Blvd. and River Stone at 5701 S. Mopac Expressway.

HFF LP brokered the deal.

Jan Buchholz covers commercial and residential real estate, construction and architecture and retail and restaurants for the Austin Business Journal.

The post One of Austin’s largest apartments sold to Massachusetts investor appeared first on Northland.

Thursday, November 6, 2014

Austin, Texas—Privately held real estate investment company Northland Investment Corp. is the new owner of Monterey Ranch, the largest apartment property in Austin. The asset features 1,072 units in 54 buildings that are situated 10 miles from downtown Austin.

The deal brings the Massachusetts-based owner’s portfolio to more than 21,000 units, 6,610 of which are now in Austin. The Monterey Ranch acquisition also includes the addition of 23 new Austin-based employees to the Northland organization, bringing its total number of employees in the area to 140.

“We are very optimistic about Austin’s long term prospects,” says Steven Rosenthal, president and CEO of Northland. “We are excited to add another southwest Austin asset to our portfolio, which includes two existing properties in the submarket.”

Monterey Ranch was completed in 1999. Its amenity package includes five pools, multiple barbecue areas, two playgrounds, a fitness center, a yoga/pilates studio, kids’ activity room, stadium seating theater and a business center. There are also tennis, sand volleyball and indoor basketball courts, as well as a soccer field.

The post Northland Acquires the Largest Apartment Community in Austin appeared first on Northland.