Northland Investment Corporation, a member of the National Multifamily Housing Council’s Top Fifty Owners, announced today the acquisition of Element, a 395-unit residential tower in Tampa’s urban core. The 35-story high-rise community is Northland’s fifth acquisition in Florida in as many months.
“We are very excited to enhance our local presence in Tampa while playing an active role in the ongoing downtown revitalization. Tampa has generated impressive gains in job, wage, and population growth during recent years and we are thrilled to be acquiring a best-in-class downtown high-rise asset significantly below replacement costs,” said Matthew Gottesdiener, Northland’s Chief Investment Officer.
With the acquisition of Element, Northland becomes the second largest owner-operator of market-rate multifamily residential communities in the state of Florida with 32 properties and 9,122 units. In the coming years, Northland will undertake a sweeping value-add capital improvement project, including high-end interior renovations and an overhaul of the property’s amenities.
About Northland Investment Corporation
Northland Investment Corporation is a privately held real estate company with a core competency in the acquisition, development, management, and long-term ownership of multifamily real estate throughout the United States. Northland currently owns and operates 23,674 units, 2 million square feet of commercial space, and land for the future development of 3,000 units. Northland manages seven real estate investment funds, maximizing risk-adjusted returns through the execution of value-add acquisition, development, asset management and property management strategies.