NEWTON, MA - Northland Investment Corporation announced today that its Northland Fund III has acquired a portfolio of nine Class A communities comprised of 2,985 apartment homes for $270 million. The transaction, the largest multifamily acquisition in Austin history, positions Northland as the city's largest apartment owner. The transaction was brokered by Charles Cirar at CB Richard Ellis.
The newly acquired portfolio includes River Stone Ranch, Sedona Springs, The Arboretum at Stonelake, Madison at the Arboretum, Village Oaks, Madison at Scofield Farms, Madison at Walnut Creek, Madison at Wells Branch, and Madison at Stone Creek. The acquisition increases Northland's Austin portfolio to 4,500 apartment homes.
"This acquisition follows one of our core strategies of building a significant presence in select information technology markets where we can apply our management skills to enhance value for our investors," said Steven P. Rosenthal, Chief Executive Officer of Northland Investment Corporation. "Austin is expected to exhibit the strongest job growth in the nation over the next five years, and this portfolio is well positioned to benefit from that growth."
Northland's multifamily portfolio has experienced significant growth, with 24 acquisitions in the last twelve months, aggregating 5,906 units.
Founded in 1970, Northland Investment Corporation is a privately held, vertically integrated real estate company focused on the acquisition, development and operation of commercial real estate throughout the United States. Northland owns a $2.5 billion diversified portfolio of 22 million square feet in fourteen states, and has a development pipeline in excess of $1 billion.
Source: Business Wire