By: Michael E H
Northland Investment Corp. just closed the largest recorded apartment deal in the history of Austin Texas! Northland Investment Corp. buys out Equity residential ’s 2,985 apartment homes spread across 9 Class A properties. The $270 Million dollar deal includes River Stone Ranch, Sedona Springs, The Arboretum Stonelake, Madison at the Arboretum, Village Oaks, Madison at Stone Creek, Madison Wells Branch, Madison at Walnut Creek and Madison at Scofield Farms. Taking the title of The largest apartment deal in the history of Austin Texas making them the Largest apartment owners in the city. The transaction was brokered by Charles Cirar at CB Richard Ellis.
This deal brings Northland’s Austin Portfolio to a total of 4,500 properties. Being in the Apartment Locating industry this has been a long awaited departure. Equity management has been less than up to par within the last 5 years ignoring maintenance requests and not paying vendors being some of their biggest issues. Most of the above mentioned properties are and have been long over due for a makeover.
2 years or so ago Northland bought out Greystone Park, Indian Creek and a Few other properties in the Farwest area. Shortly after they purchased these properties each property was treated to a much needed $1 million dollar plus renovation. No news yet on whether or not Northland plans to renovate or upgrade any of the forementioned apartment communities.
“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. For more information on Northland Investment Corporation, visit http://www.northland.com for more info on current press releases.
“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.”
In the past year Northland has aquired a total of 5,906 units through a total of 24 aquisitions. Northland’s portfolio now covers over 22 million square feet spread across 14 states bringing their portfolio’s estimated worth too 2.5 billion dollars.
Political Action Committee – NAA – files Amicus Brief in mold case (two infant deaths in mold filled apt – Wasatch Prop Mgmt) citing US Chamber/ACOEM ‘litigation defense report’ to disclaim health effects of indoor mold & limit financial risk for industry
“Changes in construction methods have caused US buildings to become perfect petri dishes for mold and bacteria to flourish when water is added. Instead of warning the public and teaching physicians that the buildings were causing illness; in 2003 the US Chamber of Commerce Institute for Legal Reform, a think-tank, and a workers comp physician trade organization mass marketed an unscientific nonsequitor to the courts to disclaim the adverse health effects to stave off liability for financial stakeholders of moldy buildings. Although publicly exposed many times over the years, the deceit lingers in US courts to this very day.” Sharon Noonan Kramer
Note – Information on Riverstone Residential knowingly exposing tenants to extreme amounts of mold toxins at Toxic Mold Infested Jefferson Lakes Apartments in Baton Rouge, Louisiana