Northland is expanding its national development platform with the construction of a 194-unit extension to SoRoc, Maine, a 186-unit garden-style community in Rochester, Minnesota, acquired in April.
When completed in early 2024, the total 380 units will operate jointly in five buildings on approximately 13 acres and share management capabilities and amenities.
Northland is partnering with several local Minnesota businesses for the expansion project, including Miller Architects & Builders and Minnwest Bankwhich provided $28 million in construction financing.
Northland is using its in-house national development platform to expand the asset’s on-site rights for new construction on approximately 6 acres of the property in the South Rochester submarket. Plans call for a mix of studio, one-, and two-bedroom units in two three-story buildings. The new units will complement existing Class A homes in the community. Apartment features will include nine-foot ceilings, wood-style plank floors, shaker-style millwork, stainless steel appliances, quartz countertops, and modern tile backsplashes. Some units will also have patios on the ground floor and balconies on the upper floor.
Community amenities include a resort-style pool, central green space with bocce courts, three fitness centers, a clubhouse with private event space, and a commercial kitchen. The new construction will add studios to the clubhouse fitness area and heated parking garages in each new building.
Develop the portfolio
Santo Dettore, associate vice president of development at Northland, said in a prepared statement that the team looks forward to realizing the vision for SoRoc in Maine, doubling the size of the community and leveraging national development capabilities. of Northland. He called Rochester an attractive market and said SoRoc’s expansion into Maine represents another phase of growth for the company’s development platform and its first business in the Midwest region.
A real estate private equity firm, Northland has $8 billion in assets under management, including more than 26,000 residential units in 15 states, 2.1 million square feet of retail space and a $3 billion development pipeline. dollars. The company, which acquires, develops and manages multi-family and mixed-use assets, has a development pipeline that includes garden, mid-rise and high-rise residential projects across the United States. The pipeline includes projects in Boston; Atlanta; Denver; Richmond, Virginia; Connecticut; New Mexico and Arizona.
Over the past few months, Northland has made several acquisitions of multi-family and seniors’ residences. Last month, Northland purchased 511 Meeting, a 221-unit luxury multi-family community in Charleston, SC In August, Northland acquired Emblem Alpharetta, a 210-unit senior housing community in Alpharetta, Ga. It was the fourth purchase in Georgia this year and the second in the Atlanta area following its acquisition of The Maven, a five-building, 276-unit property in Suwanee, Georgia. Also in August, Northland purchased Preserve West, a 318-unit garden-style community in Madison, Wisc.