Northland Expands Austin Portfolio
The private owner acquired a 430-unit community in the Oak Hill submarket, bringing its ownership in the city to 19 properties totaling 7,040 units.
By Anca Gagiuc
Northland Investment Corp., a member of the National Multifamily Housing Council’s Top Fifty Owners and the second largest multifamily owner in Austin, has expanded its Texas footprint with the acquisition of The Park at Monterey Oaks, a 430-unit Class A garden-style community in southwest Austin. According to Yardi Matrix data, Northland purchased the asset from Barings.
The Park at Monterey Oaks is a 15-building property occupying more than 37 acres at 4701 Monterey Oaks Blvd. in the metro’s Oak Hill submarket. The unit mix comprises one- and two-bedroom floorplans ranging from 696 to 1,267 square feet. Common area amenities include a fitness center, business center, clubhouse, playground, swimming pool, laundry facilities and 950 parking spaces. Units feature fireplaces, monitored security, washer/dryer hookups and private balconies/patios.
“We are excited to add The Park at Monterey Oaks to our Austin portfolio,” Matthew Gottesdiener, Northland’s CIO, said in a prepared statement. “With this acquisition, we now own 2,346 units spread across 176 acres in the prestigious southwest submarket and are well-positioned to benefit from the rapid employment growth and continued economic expansion in Austin.”
With the addition of The Park at Monterey Oaks, Northland Investment Corp.’s Austin ownership consists of 19 properties totaling 7,040 units.
Images courtesy of Yardi Matrix