Austin Business Journal
December 14, 2017
By Jan Buchholz

Northland Investment Corp., headquartered in Newton, Massachusetts, bought The Park at Monterey Oaks at 4701 Monterey Oaks Blvd. in Southwest Austin. It’s a huge multifamily property in the coveted southwest submarket. The 430 units are situated on 37 acres of heavily wooded property — a distinctly different vibe than a downtown high-rise, but still appealing with its Hill Country ambiance. The price was not disclosed, but the Travis Central Appraisal District valued the property at nearly $71 million for 2017 tax purposes. The seller was an entity formed by Cornerstone Real Estate Advisers in Chicago, which had owned the property since November 2013. No brokers were mentioned in the announcement. Northland now owns 19 apartment communities in the Austin market.

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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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