Investor Acquires, Merges 2 FL Properties
Northland Investment Corp. has acquired Mallards Cove and Shell Trace in Jupiter, Fla. Renamed Jupiter Isle, the new property features 359 units set on a low-density, 42-acre site.
By D.C. Stribling, Contributing Editor
Northland Investment Corp. has acquired two adjacent apartment communities in affluent Jupiter, Fla. Formerly known as Mallards Cove and Shell Trace, the properties were combined at closing and renamed Jupiter Isle.
The new Jupiter Isle consists of 359 units set on a low-density, 42-acre site. Northland plans to undertake a major renovation project throughout the property, including the creation of high-end interior living spaces and common amenities.
Looking at the market
“Northland is continuing its expansion in the Jupiter market, which is experiencing some of the strongest economic and population growth in Florida,” said Matthew Gottesdiener, Northland’s chief investment officer.
“Jupiter Isle is the prototypical Northland value-add investment,” Gottesdiener continued. “It will be a comprehensive interior and exterior rehab program and a complete operational overhaul of an under-renovated asset in a high barrier-to-entry market.”
The privately held Northland Investment Corp. currently owns and operates 23,538 apartment units, 2 million square feet of commercial space, and land for the future development of 3,000 multifamily units. The company’s Flordia holdings include 31 communities, such as the nearby Floresta, as well as Windward at the Villages, Royal St. George and Village Place in West Palm Beach.