Northland Buys $20M RI Apartment Complex

MIDDLETOWN, RI-A 19-building apartment community here bordering tony Newport has been sold for just under $20 million. The 179-unit Northgate Apartment Homes fetched $110,000 per room in the agreement between seller Middletown Tarragon LLC and the buyer, Northland Middletown LLC.

Middletown Tarragon LLC is an affiliate of Tarragon Corp., a New York City-based multifamily developer sporting a broad national footprint, whereas Northland Middletown LLC was formed by Northland Investment Corp. of Newton, MA. The two parties also recently launched a $2 billion-joint venture with Northland as majority owner of a portfolio expected to encompass more than 21,000 units in 83 apartment communities located across the country. That pact was recently highlighted by GlobeSt.com.