One of Austin's largest apartments sold to Massachusetts investor

Nov 11, 2014
Austin Business Journal

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

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

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