One of Austin’s largest apartments sold to Massachusetts investor
Austin Business Journal
Monday, November 10, 2014
by Jan Buchholz
One of the largest single apartment communities in Austin was purchased by an East Coast company that owns more than 6,600 units in Austin already.
Northland Investment Corp. of Newton, Massachusetts, purchased the 1,072-unit Monterey Ranch at 4701 Staggerbrush Road in Southwest Austin. The seller was IMT Residential of Sherman Oaks, California.
The purchase price was not disclosed but the Travis Central Appraisal District values the property, which includes 54 buildings on 32 acres, at $47.6 million. It was built in stages between 1995 and 1999.
IMT had owned the property since September 2009, according to appraisal records.
Northland owns more than 21,000 units across the U.S., and Austin represents a large portion of that portfolio. The Monterey Ranch acquisition translates into 23 more Austin employees, Steven P. Rosenthal, president and CEO of Northland, said.
“We are very optimistic about Austin’s long term prospects,” he said in a statement.
The company now owns 18 communities in the Austin market, including two others in the southwest submarket: Sedona Springs at 4201 Monterey Oaks Blvd. and River Stone at 5701 S. Mopac Expressway.
HFF LP brokered the deal.
Jan Buchholz covers commercial and residential real estate, construction and architecture and retail and restaurants for the Austin Business Journal.