Northland Investment Co.’s $52.87 million deal for a 14-building, 311-unit apartment complex in Land O’Lakes, on its surface, appears to be just the latest deal in a Gulf Coast multifamily buying spree that shows no signs of abating.

But the Newton, Mass.-based company’s decision to acquire the Village at Terra Bella could signal an inflection point in the market.

That’s because Northland, a company that already owned more than two dozen Gulf Coast complexes from Fort Myers to Tampa, targeted Pasco County because of its high “affordability ratio.”

“Like a lot of investors, we’re focused on high-growth areas, particularly along the lines of white-collar employment, and Pasco and the Tampa suburbs certainly have that,” says Matthew Gottesdiener, Northland’s chief investment officer. “But what we like about that area, too, is that a majority of tenants are comfortably able to afford their rent.

“Buying there is absolutely a reflection of how we see the market today,” Gottesdiener adds. “We’ve seen such a massive run up in prices, and a compression of cap rates, especially in downtown and more urban areas.”

He explains the firm also liked Terra Bella because of its age. It opened last year.

“We tend to be long-term owners, holding properties anywhere between 10 and 25 years,” Gottesdiener says. “So we focus on newer built communities.”

In all, Northland has spent more than $630 million in Florida since 2008 to acquire complexes containing 5,400 units. Last month, the company also was ranked by the National Multifamily Housing Council among the Top 50 owners of apartment communities in the U.S., with 24,212 units.

Full article available here: http://www.businessobserverfl.com/section/detail/northland-buys-targeted-pasco-apartment/

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NEWTON, MA (February 17, 2017) – Northland Investment Corporation, one of the top multifamily owner and operators in the U.S., has named Richard Pearl, CPA, as its new Chief Financial Officer. In this role, Pearl will lead all activity within the Accounting and IT Departments. Mr. Pearl’s initial objectives will be to evaluate Northland’s existing systems and processes and complete the implementation of upgrades with a focused plan of improving the platform to service Northland’s investors, residents and employees.

Mr. Pearl brings over 20 years of financial experience and leadership to this position, most recently serving as Vice President, Treasurer and Chief Financial Officer at Sonesta International Hotels, where he led all financial, accounting, reporting and risk management for more than 65 hotels in nine countries around the world. Prior to Sonesta, Mr. Pearl served as both an Internal Audit Manager and Controller at Reit Management & Research, LLC (RMR), which managed one of the largest portfolios of publicly owned real estate in the United States, encompassing 1,500 properties.

“Rich’s expertise in the areas of financial management, audit, treasury, and corporate accounting will be a tremendous asset for the company as we explore opportunities to further improve our operations in the coming year,” said Suzanne Abair, Northland’s COO.

Mr. Pearl earned his Bachelor of Science in Finance from Siena College and his Masters degree in Finance from Boston College.  As an Army veteran, he is an active supporter of the Home Base Program, raising funds to benefit combat veterans and their families suffering from the impacts of post-traumatic stress and traumatic brain injuries. Originally from upstate New York, Mr. Pearl now lives in Stoughton, MA with his wife and three children.

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“We’re pleased to welcome Adam to the Northland team,” said Beth Kinsley, Northland’s General Counsel. “His proven experience will be invaluable to Northland and our growing portfolio of properties.”

Prior to joining Northland, Adam was an attorney with Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C., where he represented real estate operators and developers in a wide range of commercial real estate transactions involving acquisitions, dispositions, financings, leasing and permitting. Earlier in his career he worked for the Governor of Massachusetts, the Massachusetts legislature and the U.S. Small Business Administration. Adam holds a J.D. from the Georgetown University Law Center and a B.A. from Trinity College.

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NEWTON, MA (August 10, 2016) – Northland Investment Corporation, one of the top multifamily owner and operators in the U.S., has named Beth Kinsley as their new General Counsel. In this role, Kinsley will continue to apply her extensive transactional experience as she assumes oversight of all of the company’s legal matters. Her promotion follows the appointment of previous General Counsel Suzanne Abair to COO.

For the past eight years, Kinsley has served as Northland’s Assistant General Counsel, maintaining primary responsibility for all legal aspects of the firm’s acquisitions, dispositions, financings and developments. During this time, she has been an integral member of Northland’s senior management team, and has successfully overseen the closing of 118 transactions.

“Beth has been an invaluable member of our team for nearly a decade.  I look forward to her leadership as General Counsel,” said Suzanne Abair, Northland COO.

Prior to joining the Northland team as Assistant General Counsel, Beth served as Senior Counsel in the Real Estate Department at Goodwin Procter LLP, where she represented a variety of real estate operators in areas related to acquisition and disposition. She also represented institutional lenders, investors and borrowers in connection with construction, permanent and mezzanine loan and equity joint venture transactions. Before working at Goodwin Procter, Beth was an associate at Mintz Levin and Palmer & Dodge in Boston. She earned her Bachelor’s degree from Colby College, cum laude, and her Juris Doctor from The Dickinson School of Law, cum laude. Beth lives in Scituate with her husband John, and their three children.

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NEWTON, MA (April 14, 2016) – Northland Investment Corporation, one of the top multifamily owner and operators in the U.S., has named Jay Babbitt as Corporate Director of Human Resources. Babbitt will leverage his 15 years of experience to lead Northland’s human resources operations.

Prior to joining Northland, Babbitt worked for InterContinental Hotels Group for nine years, based at the InterContinental Boston where he served as Director of Human Resources and was responsible for the successful opening of the 4-diamond award-winning luxury hotel. He has also worked for Starwood Hotels & Resorts and The Flatley Company in various HR roles.

“I’m excited to be a part of the Northland leadership team,” said Babbitt. “I look forward to making a positive impact on our employees and developing our core values.”

In Babbitt’s role he will lead the HR team that supports over 550 employees, fostering a community-focused work environment. Jay’s responsibilities will include oversight and direction of all aspects of the human resources function, and review of best practices as it applies to organizational development, performance management, and employee relations.

Babbitt earned his bachelor’s degree from the University of Buffalo and attended graduate schools at Boston College and Cornell University.  He has been recognized by the HR Certification Institute and is currently certified as a Senior HR Professional.

Babbitt is an active participant on employer advisory committees with community based organizations including Operation ABLE, International Institute of Boston, and Best Corp.  He has also served as guest lecturer at Boston University.  He lives in Framingham, MA.

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NEWTON, Mass. (December 28, 2015) – Capping off another year of growth, Northland Investment Corporation acquired the Class A 392-unit Yacht Club at Heritage Harbour in Bradenton, Florida. Northland acquired 7 other properties in Florida in the past 12 months and expanded its national portfolio to include more than 22,770 apartment homes and two million square feet of commercial space. With the addition of Yacht Club at Heritage Harbour, Northland now owns and operates 24 communities in Florida with 7,020 homes.

“Northland is pleased to include Yacht Club at Heritage Harbour in our Florida portfolio,” said Larry Gottesdiener, Chairman and Chief Executive Officer of Northland. “As we expand, we are developing more insight into the various communities in Florida and are able to leverage our knowledge to provide the best living experiences possible for our residents.”

Completed in 2007, Yacht Club at Heritage Harbour (www.yachtclubapartment important source.com) offers  apartment homes averaging 1,505 square feet in a resort-like setting.

In addition to Yacht Club at Heritage Harbour, Northland’s recent acquisitions in Florida include: Cypress Legends in Fort Myers, Floresta in Jupiter, Bay Breeze in Fort Myers, Lakeside at Greenboro in Melbourne, Cypress Shores in Coconut Creek, Village Place in West Palm Beach, and Grandeville on Saxon in Orange City.

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