Northland Acquires the Largest Apartment Community in Austin
Multifamily Housing News
Thursday, November 6, 2014
Austin, Texas—Privately held real estate investment company Northland Investment Corp. is the new owner of Monterey Ranch, the largest apartment property in Austin. The asset features 1,072 units in 54 buildings that are situated 10 miles from downtown Austin.
The deal brings the Massachusetts-based owner’s portfolio to more than 21,000 units, 6,610 of which are now in Austin. The Monterey Ranch acquisition also includes the addition of 23 new Austin-based employees to the Northland organization, bringing its total number of employees in the area to 140.
“We are very optimistic about Austin’s long term prospects,” says Steven Rosenthal, president and CEO of Northland. “We are excited to add another southwest Austin asset to our portfolio, which includes two existing properties in the submarket.”
Monterey Ranch was completed in 1999. Its amenity package includes five pools, multiple barbecue areas, two playgrounds, a fitness center, a yoga/pilates studio, kids’ activity room, stadium seating theater and a business center. There are also tennis, sand volleyball and indoor basketball courts, as well as a soccer field.