Northland Continues Growth, Acquires Floresta in Jupiter, Florida
Property is Northland’s Seventh Acquisition in Six Months
NEWTON, Mass. (June 8, 2015) – Northland Investment Corporation, one of the top 50 multifamily owners and operators in the U.S., has acquired the Class A 311 unit Floresta apartment community in Jupiter, Florida, and continues to expand its Florida multifamily portfolio. In the past six months, Northland has acquired seven properties in Florida, Texas, and New England, and its expanding portfolio now includes more than 22,000 apartment homes.
With the addition of Floresta, Northland now owns and operates 22 properties and 6,292 apartment homes in Florida. Floresta will bring 6 new Florida-based employees to the Northland team, increasing its total number of Florida employees to 144.
“Floresta is an exciting addition to our growing presence in Florida and we are very proud to be the owner and operator of this impressive property,” said Steven P. Rosenthal, President and CEO of Northland. “Floresta is just a short distance from several other Northland properties, and our strategy of acquiring properties in close proximity enables us to leverage our deep knowledge of the area and provide great living experiences for our residents.”
Located at 400 Via Royale, Floresta (www.florestaapts.com) offers high-end housing and apartment homes ranging from one to four bedrooms. Completed in 2004, the property includes 311 Class A units in 31 buildings. Extensive community amenities include a 24-hour fitness center, heated swimming pool, areas for barbecues and picnics, private lake with a walking path, athletic courts, and a clubhouse. The property is located within the Abacoa neighborhood and is just a short drive from the West Palm Beach VA Medical Center, Jupiter Medical Center, Gardens Mall, and Sea Plum Shopping Center.
In addition to Floresta, Northland has acquired five other multifamily properties in Florida in the past year: Bay Breeze in Fort Myers, Lakeside at Greenboro in Melbourne, Cypress Shores in Coconut Creek, Village Place in West Palm Beach, and Grandeville on Saxon in Orange City.