Northland continues its focus on expanding its Atlanta portfolio with the purchase of Glenwood at Grant Park — its ninth acquisition in Georgia since it entered the market in 2020.
The Newton, Massachusetts-based apartment owner was able to assume the existing financing on the property, which saved it from securing a new loan in the current high-interest rate environment.
The 216-unit property offers studio and one- and two-bedroom apartments. Its amenities include a resort-style pool and courtyard, fitness center, bocce court, coffee bar, 24-hour business center, pet washing station, a resident lounge and game room and electric vehicle charging stations.
“Grant Park is regarded as one of the most desirable neighborhoods along the BeltLine, and Glenwood is incredibly well positioned within the submarket, with walkability to a major grocer and a wide variety of shops, bars and restaurants,” Northland Vice President of Investments Mike Campbell told Multifamily Dive.
The company will make some upgrades after acquiring the property. “Northland’s goal after every acquisition is to roll out management initiatives that maximize the resident experience,” Campbell said.
In an earlier interview with Multifamily Dive, Campbell said that Atlanta was attractive because it “has a tremendous story with varying industries growing there at a rapid pace since the global financial crisis, a diverse economy, a diverse population and the continued inward migration from nearby states and other high-cost jurisdictions. It has set itself apart as one of the top destinations in the Southeast.”
Northland isn’t just looking for opportunities in the Southeast. It also owns properties in Texas, New Mexico, Arizona, Colorado, Connecticut and Massachusetts. In the last year, it opened a second headquarters in the Lone Star State and entered Wisconsin.
The company, which ranked No. 50 on the most recent National Multifamily Housing Council Top 50 Owners list, plans to continue looking for opportunities.
“Northland is well-positioned to buy through all cycles of the market and will continue to be an active buyer this year,” Campbell said.
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