Northland Wins Equity's 2,985-Unit Portfolio

AUSTIN, TX-Ending months of speculation, Northland Investment Corp.’s Northland Fund III has been revealed as the buyer of Equity Residential Properties Trust’s 2,985-unit apartment portfolio. The Newton, MA-based buyer has paid $270 million for the nine-asset portfolio.

According to Northland’s press release issued this morning, the transaction represents the largest multifamily acquisition in the capital city to date. It also says the transaction positions Northland Investment as the city’s largest multifamily property owner. The portfolio’s occupancy hovers 90%.

“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,” Northland’s CEO Steven P. Rosenthal says in the release.

The sale also represents Chicago-based Equity Residential’s departure from the Austin market. Charles Cirar, vice chairman for CB Richard Ellis in Austin, led the seller’s marketing team.

In the Arboretum area, the portfolio consists of the 280-unit Village Oaks at 10926 Jollyville Rd., 408-unit Arboretum at Stonelake at 9801 Stonelake Blvd. and 161-unit Madison at the Arboretum at 10307 Morado Cove. The package includes the 448-unit River Stone Ranch at 5701 Mo Pac Expwy. South and the 396-unit Sedona Springs at 4201 Monterey Oaks Blvd. in the East Oak Hills area.

The portfolio also has the 260-unit Madison at Scofield Farms at 13401 Metric Blvd., 300-unit Madison at Wells Branch at 3201 Century Park Blvd. and 342-unit Madison at Walnut Creek at 12113 Metric Blvd. and 390-unit Madison at Stone Creek at 6800 McNeil Dr.