August 25, 2008
Mass. Developer Spends $270M On Austin Apartments
By Matthew L. Brown
In a single $270 million transaction, Newton-based Northland Investment Corp. has become the largest apartment owner in Austin, Texas.
The transaction was also the largest multi-family transaction in Austin history, according to Northland. Northland owns apartment properties across the country, including the Tatnuck Arms Apartments off Brookside Ave. in Worcester.
The Austin purchase includes nine apartment complexes and brings Northland's Austin portfolio to 4,500 units. The company said strong job growth expectations encouraged Northland to expand its presence in Austin.
Northland has made 24 apartment property acquisitions totaling 5,906 units in the last 12 months.
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