Northland Acquires SLX Chamblee and Midtown Atlanta Development Site, Cementing Long-Term Commitment to the City
Since entering Georgia in 2020, premier owner, operator and developer has invested $450 million in multifamily assets, $250 million in future development and acquired 1,000 apartments
ATLANTA, GA (January 24, 2022) – Northland announced the acquisitions of SLX Atlanta, a 306-unit luxury mid-rise apartment community located in Chamblee, and a four-parcel 0.76 acre high-rise development site located at the corner of 17th and Spring streets in Midtown. These acquisitions bolster a long-term commitment by the firm to continue to build, own, and invest in the state of Georgia and specifically, the greater Atlanta area. The purchases add to Northland’s rapidly growing list of multifamily properties since entering the state in 2020, which include Glenn Perimeter, The Sutton and The Lofts at Zebulon.
“We are excited to welcome SLX into our portfolio and to have secured the most compelling remaining development site in Midtown Atlanta,” said Matthew Gottesdiener, Chief Executive Officer. “Our investing horizon at Northland is fifty years, and we believe Atlanta’s current nation-leading growth trajectory is just getting started. In only thirteen months during a challenging investment climate, we are grateful to have solidified one of the highest quality multifamily portfolios in the city, with anchor assets in Sandy Springs, Chamblee, and Buckhead, and a Midtown site that will enable Northland’s development platform to deliver much-needed housing to the city.”
SLX Atlanta is a luxury mid-rise property located in Chamblee, offering 306 luxury apartments and 24,189 square feet of wellness-focused retail space. In a market pervaded by value-engineered commodity and mid-rise construction, SLX provides a rare differentiation. First, SLX boasts condo-quality interior finishes with bespoke over-sized floorplans, 9’4” ceilings, Pella slide patio doors, smart-home technology and gas ranges. Outside of its apartment homes, SLX’s amenities are peerless across Atlanta, providing residents with access to a resort-style pool with private cabanas, a rooftop lounge, soundstage, resident clubroom, cutting edge fitness center, work-from-home private and open-plan office spaces, a dog park, and vibrant retail space that will provide leading wellness services to its residents.
17th and Spring represents the most compelling multifamily development site in Midtown Atlanta today. The site is in the heart of Midtown, surrounded by nearly 30 million square feet of office space that is either existing, under construction or proposed. 17th and Spring is also directly adjacent to Midtown Union, a dynamic mixed-use project currently under construction that will bring 32,000 square feet of retail to the development’s front door. Northland will design, entitle, capitalize, and develop the project without joint venture partners, and its vision for the site is a generational multifamily-anchored high-rise tower, activated by engaging street level retail.
Santo Dettore, Director of Development at Northland, who will lead the upcoming 17th and Spring development project said, “This site represents one of the few generational opportunities nationally to create an iconic example of thoughtful urban placemaking through a dynamic housing and retail mixed-use development. Atlanta’s incredibly exciting North Midtown neighborhood exemplifies the perfect ecosystem to execute on this vision.”
These acquisitions come one year after Northland Chairman Larry Gottesdiener and President and COO Suzanne Abair furthered the organization’s commitment to Atlanta by teaming up with former All-Star Renee Montgomery to become the new owners of the WNBA’s Atlanta Dream. Together, Larry, Suzanne and Renee have cultivated a new chapter for the franchise, which was awarded ESPN’s Humanitarian Team of the Year award for their heroic social justice work in 2020. Most recently, the team has built an outstanding leadership group in the front office and on the court that includes General Manager Dan Padover, President Morgan Shaw Parker and Head Coach Tanisha Wright.
Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across the U.S. These acquisitions add to Northland’s portfolio of long-term markets within New England, Austin, and Southwestern and Southeastern United States.