Northland Acquires Luxury Apartments in Prestigious Lakewood Ranch
Lakewood Ranch property expands firm’s presence in fast-growing ‘live-work-play’ destination
NEWTON, MA and Bradenton, FL (OCTOBER 30, 2017) – Northland Investment Corporation, a member of the National Multifamily Housing Council’s Top Fifty Owners, announced today the acquisition of Echo Lake, a 360-unit luxury apartment community. The purchase of the new development in the prestigious Lakewood Ranch master-planned community marks Northland’s sixth acquisition in as many months as the firm, now the second largest owner-operator of market-rate multifamily residential communities Florida, continues its expansion in the state.
“We are thrilled with the opportunity to acquire Echo Lake, one of the nicest garden-style luxury apartment communities in the state of Florida. This deal was particularly exciting for us, as we were able to again acquire a best-in-class community without a competitive marketing process, a testament to Northland’s unblemished track record and reputation for absolute surety of close,” said Matthew Gottesdiener, Northland’s Chief Investment Officer. “Bringing our leading management practices to a beautiful property in the desirable Lakewood Ranch community, we will offer Echo Lake residents excellent value while also advancing our overall long-term growth strategy.”
Completed this past May, Echo Lake is a twelve-building residential complex consisting of one-, two- and three-bedroom apartments, spread across an expansive 41-acre site. Echo Lake is fully stabilized, leasing up at record-speed without offering any concessions, and is currently 93% occupied. The community’s unprecedented amenity package includes a 3.5-acre park, a state-of-the-art fitness center, a zero-entry saltwater pool, and community garden plots. The Echo Lake acquisition is Northland’s second in the North Port-Bradenton-Sarasota metropolitan area. The firm also owns and manages the nearby Yacht Club at Heritage Harbor.