Northland Expands Its FL Portfolio

The company purchased Element, a 395-unit residential tower in downtown Tampa. The property marks Northland’s fifth purchase within the last five months.

Element

Element

Northland Investment Corp. has purchased Element, a 395-unit, luxury residential tower in the urban core of Tampa. The firm now owns 32 properties in Florida, including two recently acquired apartment communities in Jupiter. Element community marks Northland’s fifth purchase in the last five months.

The 35-story property was built in 2009 and is located at 808 N Franklin St. The area offers various dining and entertainment options such as the Tampa Theater, just a one-minute walk from the tower. The property comprises a mix of one- and two-bedroom apartments and two-bedroom penthouses.

Community amenities include:

  • clubroom with plasma TVs
  • 24-hour fitness center
  • cabanas
  • concierge
  • controlled access
  • elevated sundeck with spa
  • swimming pool
  • theater room

“We are very excited to enhance our local presence in Tampa while playing an active role in the ongoing downtown revitalization. Tampa has generated impressive gains in job, wage, and population growth during recent years and we are thrilled to be acquiring a best-in-class downtown high-rise asset significantly below replacement costs,” said Matthew Gottesdiener, chief investment officer of Northland, in prepared remarks.

 

Image courtesy of Yardi Matrix