8/25/2008

Northland Investment inks record $270M deal in Austin

by
Northland Fund, III, a subsidiary of Newton, Mass.-based Northland Investment Corporation, has acquired a nine-property multi-family portfolio in Austin, Texas for $270 million.

The multi-family transaction, the largest in Austin history, was brokered by Charles Cirar of CB Richard Ellis' Austin office.

The portfolio contains a combined 2,985 units and brings the firm's total multi-family holdings in Austin to 4,500 units. Included in the sale are the River Stone Ranch, Sedona Springs, The Arboretum at Stonelake, Madison at the Arboretum, Village Oaks, Madison at Scofield Farms, Madison at Walnut Creek, Madison at Wells Branch and Madison at Stone Creek.

Cirar is a vice chairman with CBRE and currently works as a Central Texas multi-housing specialist. He was the firm's third ranked multi-housing broker and closed over $600 million in transactions in 2005.

Size: 2,985 units

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Filed Under: Multi-Family

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