AUSTIN-Northland Investment Corp., looking to improve the quality of its Texas portfolio, has come up with a plan to sell some complexes and upgrade others, thanks to its $270-million purchase from Equity Residential Properties Trust. The Newton, MA-based owner plans to invest up to $5,000 per unit into upgrading several complexes, mainly in the capital city’s southwestern submarket.

Lawrence R. Gottesdiener, Northland’s chairman, tells GlobeSt.com that, in turn, “We’ll selectively liquidate some of our older B-quality buildings including holdings in Corpus Christi, Dallas and Tyler.” One of those holdings, the 324-unit Stanford Court at 18175 Midway Rd. in Dallas, has just hit the market.

Austin again has turned into a core market for Northland, which now owns 4,500 units in the city. “We re-entered in 2005 and think the area is well-positioned for the long-term,” Gottesdiener says. “It’s the state capital, is an information capital and has the university.” Austin particularly fits one of Northland Investments’ main strategies, which is investment in information technology-growth markets.

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