NEWTON, MA-Northland Investment Corp. and Tarragon Corp. have teamed on a $2-billion joint venture to acquire multifamily properties across the US. Tarragon has contributed its 7,433 units to the venture, dubbed Northland Properties. The deal nearly doubles Northland Investment’s multifamily portfolio to more than 21,000 units, making the locally based company one of the Top 50 apartment owners in the country.

Northland is the majority owner of the new entity, with a 77.5% controlling interest. Tarragon will hold the balance. The companies last worked together in December when Northland Investment bought a large portfolio in Florida from Tarragon.

According to Steven P. Rosenthal, Northland’s CEO, the idea to combine the firms’ multifamily assets made sense. “Our businesses overlap in several markets, including Connecticut and Florida,” he explains. “We came up with the idea that combining our multifamily assets would create a bigger and stronger platform that could access capital more easily and continue to grow into a much larger entity. The portfolio’s concentration in our core markets is pretty striking.” He points out that the JV is staring out as one of the Top 50 multifamily owners in the country. “That position allows us to access capital and acquire assets that we would not have been able to prior to the deal,” he adds.

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