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Dec 14, 2017

Real Estate Roundup

Mass. company buys apartment project

Austin Business Journal
December 14, 2017
By Jan Buchholz

Northland Investment Corp., headquartered in Newton, Massachusetts, bought The Park at Monterey Oaks at 4701 Monterey Oaks Blvd. in Southwest Austin. It’s a huge multifamily property in the coveted southwest submarket. The 430 units are situated on 37 acres of heavily wooded property — a distinctly different vibe than a downtown high-rise, but still appealing with its Hill Country ambiance. The price was not disclosed, but the Travis Central Appraisal District valued the property at nearly $71 million for 2017 tax purposes. The seller was an entity formed by Cornerstone Real Estate Advisers in Chicago, which had owned the property since November 2013. No brokers were mentioned in the announcement. Northland now owns 19 apartment communities in the Austin market.

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