Massachusetts-based real estate investment company, Northland Investment Corporation, has acquired the Element, a 395 unit residential tower in Tampa’s urban core. The 35-story building, located on North Franklin St., was sold for an undisclosed amount. The acquisition, the company’s fifth in Florida over the last five months, now makes Northland the second largest owner-operator of market-rate multifamily residential communities in the state with 32 properties and 9,122 units. Built in 2009, the company plans to upgrade the skyscraper’s amenities and operate it long-term as a rental community. The seller, Miami-based Crescent Heights, paid $98 million for the asset in 2013.
“We are very excited to enhance our local presence in Tampa while playing an active role in the ongoing downtown revitalization. Tampa has generated impressive gains in job, wage, and population growth during recent years and we are thrilled to be acquiring a best-in-class downtown high-rise asset significantly below replacement costs,” said Matthew Gottesdiener, Northland’s Chief Investment Officer.
