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.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.