Northland Acquires Two Apartment Communities in Jupiter, Florida
Increases Florida holdings to 8,375 units in 31communities
NEWTON, MA and Jupiter, FL (AUGUST 21, 2017) – Northland Investment Corporation, a member of the National Multifamily Housing Council’s Top Fifty Owners, announced the acquisition of two adjacent communities in affluent Jupiter, Florida. Formerly known as Mallards Cove and Shell Trace, the properties were combined at closing and renamed Jupiter Isle.
Jupiter Isle consists of 359 units beautifully set on a lushly landscaped, low density, 42-acre site. The location offers excellent access to Jupiter’s nationally ranked golf courses, pristine beaches, entertainment offerings, and transportation nodes. Northland will execute a sweeping renovation project across the property, including the creation of high-end interior living spaces and luxury amenities.
“Northland is pleased to continue its expansion in the Jupiter market, which is experiencing some of the strongest economic and population growth in the State of Florida,” said Matthew Gottesdiener, Northland’s Chief Investment Officer. “Jupiter Isle is the prototypical Northland value-add investment: a comprehensive interior and exterior rehab program and a complete operational overhaul of an under-renovated asset in a high barrier-to-entry top-tier market where Northland already owns a strategically positioned sister property.”