Northland Acquires The District at Rosemary in Sarasota
Florida Acquisition Caps Off Banner Year for Firm, with more than $1.25B in Capital Transactions, $500M in Total Acquisitions
Newton, MA (January 22, 2020) – Northland Investment Corporation today announced the acquisition of The District at Rosemary, formerly Elan Rosemary, a premier four-story, 286-unit, mid-rise apartment community located in Sarasota’s most sought-after neighborhood.
The District at Rosemary is Northland’s 33rd multifamily property in Florida and concludes a successful year of activity for Northland, which closed 2019 with over $1 billion in capital transactions and $500 million in total acquisitions that spanned across Tucson, Albuquerque, Boynton Beach, Charleston and Charlotte. This most recent acquisition capitalized on reinvested proceeds from Northland’s sale of Iona Lakes in Fort Myers last year.
“The District at Rosemary is an exceptional property in a highly sought-after Sarasota location, and we’re pleased to have ended what has been a milestone year with this acquisition,” said Matthew Gottesdiener, Chief Investment Officer of Northland. “As we enter 2020, Northland is committed to the continued expansion of our portfolio to include best-in-class, walkable, infill assets across our core markets.”
Situated in a prime waterfront location along the northern edge of downtown Sarasota, the Rosemary District is ranked in U.S. News & World Report’s 2019 Top 20 “Most Desirable Places to Live.” The neighborhood boasts a walk score of 90+, and diverse employment opportunities attract young professionals across a range of growing industry sectors including medical, finance and technology. Residents of the thriving live-work-play-walk community are also drawn to the vibrant dining and night life scene, shopping, a trendy arts and cultural scene, and wide variety of options for outdoor activities, all within a few blocks’ walk.
The District at Rosemary offers a selection of studios, one, and two-bedroom apartments with superior amenities and finishes. Residents can enjoy a resort-style swimming pool with sundeck, lounge seating, outdoor kitchen, grilling stations and dining areas, club-class fitness center offering on-demand classes and yoga studio, community clubhouse with gathering spaces including conference rooms and a chef kitchen, and media and billiards lounge. The pet–friendly community also boasts a dog park with agility course. Residences feature open floor plans, spa inspired master bathrooms, full size washers and dryers, stainless steel appliances, and select apartments offer balconies or patios. Interior finishes include French-door refrigerators, quartz countertops, modern cabinetry, and tile backsplashes.
Northland is the second largest multifamily owner and operator in Florida. The company’s extensive portfolio includes properties in Fort Myers, Melbourne, West Palm Beach, Orlando, Boynton Beach, Bradenton, Jupiter, Plantation, Sanford, Coconut Creek, Tampa, Ocala, Indialantic, Orange City, Fort Lauderdale, Bonita Springs, and Land O’Lakes.