Lawrence R. Gottesdiener, Northland's chairman and CEO, notesthat the company's investments have generated "superiorrisk-adjusted returns" for more than 10 years. He adds thatNorthland has received positive responses from its investors towardthe new fund. "The focus is to capitalize on the disconnect betweenrising real estate prices and declining market fundamentals, aswell as the disparity in pricing between Wall Street and MainStreet," he says.

Gottesdiener points out that the fund will give the companybuying power in top and mid-tier real estate markets across thecountry specifically with regard to multifamily and officeproperties and among publicly traded real estate companies. Heemphasizes that "we see many exciting opportunities in our targetmarkets and will review them carefully against our targetedacquisition criteria."

The Northland chief executive says that the company's investmentstrategy is "diversified and contrarian," which is "particularlywell-suited for today's increasingly competitive marketplace." Thecompany is currently in the process of redeveloping the CivicCenter in Hartford into a $165-million mixed-use development ofhousing, retail, restaurants and public space. Last year, the firmpurchased the Pavilions, a 932-unit garden-apartment community inManchester, CT, for $81.5 million.

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