Northland Acquires First Active Adult Community with Emblem Alpharetta
National real estate owner, operator, and developer furthers commitment to Georgia with entrance into Alpharetta Market, diversifies portfolio with first age-restricted community
ALPHARETTA, GA (August 24, 2022) – Pre-eminent national real estate private equity firm, Northland, announced today the acquisition of Emblem Alpharetta, an Active Adult community in Alpharetta, Georgia, representing a new asset class for the firm. Emblem Alpharetta is a 210-unit, fully leased community that offers one- and two-bedroom homes in a four-story building, centered around a resort-style pool and sundeck. This acquisition furthers Northland’s commitment to investing in Georgia and is the firm’s fourth investment in the state this year.
“We’re thrilled to announce the acquisition of Northland’s first Active Adult community,” said Matthew Gottesdiener, CEO of Northland. “Emblem Alpharetta presents an opportunity to expand our platform of best-in-class apartment ownership and management to more directly serve the fastest growing age cohort in the country. We are excited to invest more than $3 million in the community and to continue our growth in Atlanta by entering Alpharetta, one of the most dynamic submarkets in the region.”
Spanning seven acres, Emblem Alpharetta features luxury amenities with an emphasis on wellness, including a state-of-the-art fitness center, bocce ball court, and outdoor entertaining spaces for residents to enjoy. For individuals seeking an active lifestyle, nearby outdoor attractions include Big Creek Park, the Chattahoochee River National Recreation Area, and numerous local golf courses. Other onsite amenities include a library, structured parking garage, clubhouse, lounge, and conference spaces. The community is within close proximity to the North Point Mall, which is currently undergoing a large-scale redevelopment.
Approximately 25 miles north of downtown Atlanta, Alpharetta is home to 70,000 residents and over 700 innovative technology companies. Boasting 4,632 employees per square mile, Alpharetta’s strong workforce demographics, impressive job growth, and top-ranked school systems set the city apart as one of the best places to live in Georgia. Nearby employers include Microsoft, Goldman Sachs, SAP, Clorox, Nokia, Ernst & Young, HP, Cisco, and Aetna.
This acquisition comes during an exciting time of growth for Northland. Since entering the Atlanta market in 2020, the firm has invested more than $600 million to acquire 1,600 apartments and additional developable land for $250 million in future projects. Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across 14 states in the U.S.