Northland Acquires Atlanta-Area Community
The developer has plans to outfit every unit with smart home tech.
Northland has acquired a 344-unit community in Lithia Springs, Ga. The firm purchased 670 Thornton from an undisclosed seller. According to Yardi Matrix data, the community last changed hands when Fogelman Properties acquired 670 Thornton from Elite Street Capital in April 2020 for $40.8 million.
The apartment community offers studio and one-, two- and three-bedroom units that range from 522 to 1,376 square feet. The apartments are located across 38 residential buildings. According to Northland, 88 percent of the units are corner units, while 91 percent of the units are on the first or second floor. The units were built with soaking tubs and patios or balconies. Residents have access to a fitness center, business center, pet park, theater room, playground, walking trail, grilling areas, two pools, tennis courts, detached garages and gated entry. According to Northland, the community is 95.4 percent occupied.
The community is approximately 15 miles west of Atlanta, while also being less than five miles away from Six Flags over Georgia and more than 10 miles away from Wolf Creek Amphitheater. Residents are located near local employers like Applied Industrial Technologies, Taylor Communications and XPO Logistics, and a short commute from from Amazon, Delta Airlines and the Hartsfield-Jackson Atlanta International Airport.
The new owners plan to renovate 670 Thornton’s units by installing a smart home tech package, including thermostats, keyless entry and water detection sensors, in every unit. Northland is also planning to install washer-and-dryer units in each unit, while select units will be further upgraded with improved finishes. The firm will also implement a valet trash program and conduct overall site improvements to 670 Thornton.
Fast expansion in Georgia
With the 670 Thornton acquisition, Northland now owns up to nine communities in Georgia less than a half-decade after entering the market in 2020. The Massachusetts-based firm’s multifamily portfolio in Georgia totals 2,161 units, including communities in Alpharetta, Suwanee, Macon and several in Atlanta.
Outside of Georgia, Northland has built up a multifamily portfolio across the U.S., stretching from California to Massachusetts. The firm had only recently entered the California market in November 2022 with one of the largest single-asset market-rate multifamily acquisitions in the U.S., acquiring the 685-unit THEA at Metropolis in downtown Los Angeles for $504 million.