Northland Investment Corp. has acquired Emblem Alpharetta, a 210-unit senior housing community located at 1000 Fanfare Way, in Alpharetta, Ga. The firm plans to invest an additional $3 million in the property, which sold for an undisclosed amount. The acquisition is subject to a $30 million loan, according to Yardi Matrix data.
The purchase is Northland’s fourth Georgia undertaking this year and its second in the Atlanta area, following its acquisition of The Maven, a five-building, 276-unit community in Suwanee. The firm has invested more than $850 million in the Georgia market, having entered Atlanta in 2020.
Emblem Alpharetta was constructed in 2006, and contains two buildings standing four stories tall, containing 225,000 square feet of space with a 94.3 percent occupancy rate, the same data shows. Amenities include a fitness center, outdoor entertainment spaces, a library, clubhouse and conference centers. The community is located within a mile of the Alpharetta town center and is within 25 miles of downtown Atlanta.
Atlanta’s multifamily market continues to see strong growth, as the city’s pandemic-era economy rebounds faster than the national average, predicted to make a full recovery this year, according to a May 2022 report from Yardi Matrix. Atlanta’s senior housing occupancy rate is one of the highest in the nation at 77.8 percent, according to data from The National Investment Center for Seniors Housing & Care. Despite a continuing shortage of available space nationwide, occupancy continues to grow, rising 3.4 percentage points nationwide, the same data shows.
Northland CEO Matthew Gottesdiener contextualized the purchase in this light, telling Multi-Housing News, “Atlanta’s nation-leading economic recovery over the past two years has been characterized not just by the strong levels of absolute employment and population growth, but also by the quality of the growth, centered on diverse, tech-centric, highly-educated industries, and economic opportunities.”