Northland Adds The Estates at Heathbrook to Expansive Florida Portfolio

“Best in Town” acquisition is first in new fund; solidifies firm’s regional presence

NEWTON, Mass. (October 18, 2016) – Northland Investment Corporation, one of the top multifamily owner and operators in the U.S., announced Friday their acquisition of The Estates at Heathbrook, a 384-unit, Class “A” property in Ocala, Florida. The deal represents Northland’s first acquisition in its new Fund VI, which will continue the firm’s track record of industry-leading returns through disciplined growth in select regional markets.

With the addition of The Estates at Heathbrook, Northland now owns and operates 27 properties throughout Florida. Built in 2008, The Estates at Heathbrook is the newest property in Ocala and lies in close proximity to Northland’s holdings in Sanford and Orange City, making it a natural addition to the company’s regional portfolio.

“We are excited to expand our presence in central Florida with the acquisition of The Estates at Heathbrook,” said Matthew Gottesdiener, Senior Vice President of Acquisitions & Corporate at Northland. “More than forty percent of apartments at The Estates at Heathbrook offer direct access garages, a key feature for current homeowners transitioning to a rental property. The local submarket is characterized by a unique balance of stability and growth, and the underlying demographic fundamentals at Heathbrook position the property for long term success.”

More information about The Estates at Heathbrook is available at www.estatesatheathbrook.com