Northland Continues Atlanta Portfolio Expansion with Acquisition of Glenwood at Grant Park
Luxury 216-unit mid-rise capitalizes on proximity to Atlanta BeltLine and Grant Park neighborhood
ATLANTA, GA (July 13, 2023) – Northland, a prominent national real estate private equity firm with $8 billion of assets under management, together with New York-based Ascent Property Management as partner, is pleased to announce the successful acquisition of Glenwood at Grant Park. This strategic investment further strengthens Northland’s presence in Atlanta, positioning the firm for continued growth in one of its top target markets.
Glenwood is nestled in the Grant Park neighborhood, which has proximity to Midtown and was ranked the 4th best neighborhood in Atlanta. The mid-rise 2016-built community features 216 apartments, showcasing modern design, premium amenities and a compelling mix of studio, one-, and two-bedroom apartments.
“As one of the top secondary cities in the country, Atlanta has been a focus of Northland’s recent growth nationally – Glenwood at Grant Park is our ninth acquisition in Georgia since entering the market in 2020,” said Andy Young, Director of Investments at Northland. “In addition to coming with highly accretive below-market in place fixed-rate financing, Glenwood stands out for the dynamic quality of life it offers its residents as a high-quality, yet affordable asset built in one of the most desirable, and walkable, neighborhoods along the BeltLine.”
Built in 2016, Glenwood features high-end interior unit finishes and luxurious common spaces, boasting an array of exceptional amenities, including a 24-hour business center, fitness center, bocce court, coffee bar, resort-style pool and courtyard, pet washing station, a resident lounge and game room, package lockers, and EV charging stations. Glenwood’s proximity to the Atlanta BeltLine provides residents with convenient connectivity to the city’s vibrant economic development initiatives. The Atlanta BeltLine, a project initiated in 2005, has successfully revitalized 22 miles of unused railroad corridors, creating an active walking and cycling path that encircles many of Atlanta’s core neighborhoods. Further, Grant Park offers a national model for a dynamic mixed-use neighborhood, and stands apart from many competing BeltLine apartment communities by offering unparalleled walkable access to adjacent retail and restaurants. Median incomes within 1-mile of the property are in excess of $111k, reflecting the desirability of the location.
Northland first entered the Georgia market in 2020 with a commitment to long-term ownership, best-in-class management, and meaningful community engagement. In the ensuing three years, Northland thoughtfully invested more than $600 million to acquire more than 1,800 apartments and an additional $250 million in developable land for future projects. This acquisition aligns with Northland’s commitment to delivering exceptional real estate investments and capitalizing on the strong growth potential of the Atlanta market.