Northland Continues Growth with Acquisition of 21st Florida Apartment Community

NEWTON, Mass.--()--Northland Investment Corporation, continuing its growth in Florida, has acquired Grandeville on Saxon in Orange City, Florida. In the past six months, Northland has acquired six properties in its key markets of Florida, Texas and New England, and its portfolio now totals more than 21,000 apartment homes.

With the acquisition of Grandeville on Saxon, Northland now owns and operates 5,981 apartment homes in Florida. Grandeville on Saxon is Northland’s 21st property in Florida and will bring six new Florida-based employees to the Northland team, bringing its total employees in Florida to 137.

“This acquisition is emblematic of Northland’s business plan to build its presence in key markets where we can leverage our deep local expertise,” said Steven P. Rosenthal, President and CEO of Northland, noting that Grandeville on Saxon is only a short distance from Northland’s Ballantrae community in Sanford, FL. “We purchased Grandeville on Saxon from its Lender, and the community was previously managed by a third party. We are now pleased to be able to provide residents with our owner/operator experience and our promise of superior customer service.”

Located at 741 Saxon Boulevard, Grandeville on Saxon (www.grandevilleapts.com) offers high-end housing with luxurious amenities within 30 miles of both Orlando and Daytona Beach. Completed in 2005, the property includes 316 class A units in 21 buildings. Individual unit features include air conditioning, large closets, washer and dryer, vaulted ceilings, and a unit alarm. Extensive community amenities at Grandeville on Saxon include a fitness center, business center, areas for barbeques and picnics, pool, athletic courts, garages and wireless Internet. The property is surrounded by abundant amenities, including grocery stores, retail shops, restaurants, fitness centers and more all within two miles.

In addition to Grandeville on Saxon, Northland has acquired four other properties in Florida in the past year: the 180 unit Bay Breeze in Fort Myers, the 232 unit Lakeside at Greenboro in Melbourne, the 300 unit Cypress Shore in Coconut Creek, and the 202 unit Village Place in West Palm Beach, all of which are close to existing Northland properties.

About Northland Investment Corporation

Northland Investment Corporation, a privately held real estate investment company with $3.0 billion in assets under management, is one of the top 50 multifamily asset owners in the U.S. Based in Newton, Massachusetts, Northland owns 87 properties in eight states, totaling 21,464 multifamily units. Northland’s portfolio also includes more than 2 million square feet of office, retail and commercial assets. Northland manages six real estate investment funds, maximizing risk-adjusted returns through value-added acquisition, development, asset management and property management strategies.

Contacts

For Northland Investment Corporation
Kate Haranis, 617-482-0042
kharanis@denterlein.com

Contacts

For Northland Investment Corporation
Kate Haranis, 617-482-0042
kharanis@denterlein.com