Northland Enhances Southwestern Presence with Acquisition
Forecasted pop. growth projected to complement firm’s long-term investment strategy
NEWTON, MA and Tucson, AZ (June 2, 2017) – Northland Investment Corporation, one of the top multifamily owner and operators in the country, announced today its acquisition of Villas at San Dorado in the Tucson, Arizona suburb of Oro Valley. Northland now owns 27 properties in the Southwest across Texas, Arizona and New Mexico.
San Dorado is Northland’s fourth property in the greater Tucson area, a market that is projected to see significant population growth with as many as 16,000 new residents annually through 2019, according to CBRE Econometric Advisors, in part due to its strong defense, biotech and education ecosystems. Cost of living in the region is also extremely affordable, with an average rent-to-income ratio of 21.9% in Oro Valley.
“Tucson’s economy continues to gain momentum in recent years, and we remain optimistic about the long term outlook,” said Matthew Gottesdiener, Chief Investment Officer, Northland. “We’re excited to be acquiring the preeminent suburban apartment community in Tucson. Villas at San Dorado was built by one of the most respected developers in the western United States; the property offers an unparalleled suite of onsite amenities and rent levels that are sustainable and affordable for a diverse group of residents.”
Located in Northwest Tucson’s coveted suburb of Oro Valley, Villas at San Dorado was built in 2014 and consists of 274 units in 26 buildings spread across 15.7 acres of lush desert landscape in the foothills of the Santa Catalina Mountains. In addition to its prime location, luxe amenities include a spin-bike room, yoga studio, and an expansive resort-style pool with sun-decks, cabanas, and a whirlpool spa, as well as access to eight golf courses within five miles of the property.
In addition to Villas at San Dorado, Northland’s other communities in Tucson include Hilands, Promontory, and Valley View.