Projo Biz Blog

Northland Investment Corp. said yesterday that one of its funds, the Northland Fund III LP, has acquired Northgate Apartments, a 179-unit apartment community located in Middletown, marking Northland’s entry into Rhode Island.

The price was not disclosed. Northgate is comprised of 14 buildings, and includes landscaping, outdoor picnic areas, a swimming pool and a tennis court. Northland plans to invest approximately $1.5 million over the next two years to improve the exterior and interior of the property.

Steven P. Rosenthal, chief executive officer, Northland Investment Corp. said, “Northgate is a well located asset in an exceptionally high barrier to entry market, and represents an attractive value add opportunity for Northland.”

Founded in 1970, Northland is a privately held, real estate company that owns a $2.5 billion diversified portfolio of 22 million square feet in fourteen states.

---