Northland Investment Corp., based in Newton, Massachusetts has picked up two multifamily communities in South Florida for a combined $56 million. The two properties, Mallards Cove and Shell Trace, are located next to each other and will be merged and rebranded as Jupiter Isle. The new asset will total 359 units and rests on a 42 acre site at 6705 Mallards Cove Road in Jupiter. The seller, Rhode Island-based Preston Giuliano Capital Partners, bought Shell Trace in 2013 and Mallards Cove in 2016. The deal was completed with a $46.4 million Freddie Mac loan provided by CBRE Capital Markets.
“Northland is continuing its expansion in the Jupiter market, which is experiencing some of the strongest economic and population growth in Florida,” said Matthew Gottesdiener, Northland’s chief investment officer. “Jupiter Isle is the prototypical Northland value-add investment. It will be a comprehensive interior and exterior rehab program and a complete operational overhaul of an under-renovated asset in a high barrier-to-entry market.”
