Northland Acquires Residential Tower in Downtown Tampa
Planned Renovations of Element will add to revitalization of downtown
NEWTON, MA and Tampa, FL (OCTOBER 20, 2017) – Northland Investment Corporation, a member of the National Multifamily Housing Council’s Top Fifty Owners, announced today the acquisition of Element, a 395-unit residential tower in Tampa’s urban core. The 35-story high-rise community is Northland’s fifth acquisition in Florida in as many months.
“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, Northland’s Chief Investment Officer.
With the acquisition of Element, Northland becomes the second largest owner-operator of market-rate multifamily residential communities in the state of Florida with 32 properties and 9,122 units. In the coming years, Northland will undertake a sweeping value-add capital improvement project, including high-end interior renovations and an overhaul of the property’s amenities.