Northland Forms $2B Multifamily JV

NEWTON, MA-Northland Investment Corp. has formed a new $2 billion multifamily joint venture with Tarragon Corp. The deal increases Northland’s multifamily portfolio by approximately 50%, launching it into the top 50 multifamily owners in the country.

The joint venture with Tarragon, a mixed-use developer with a focus on for-rent and for-sale multifamily housing, adds 7,433 multifamily units to Northland’s portfolio, bringing its total number of multifamily units to more than 21,000. The 83 properties are located in a dozen states, with concentrations in Florida, Connecticut, Massachusetts, North Carolina, Texas, Tennessee and Arizona.

Northland will hold a 77.5% controlling interest in the JV, called Northland Properties LLC, and Tarragon will hold a 22.5% interest. The JV also creates a new management company to provide property, asset and construction management services to the portfolio. The management entity, Northland Properties Management LLC, will be headquartered here, with satellite offices in Hartford and in Florida. Northland will direct the JV’s investment decisions and oversee management of the portfolio.