National real estate private equity firm Northland announced its first active adult acquisition. The active adult market has taken off in popularity over the past few years and continues to remain a hot market. According to Levin Pro, over the last two years, there have been a total of 72 acquisitions within the rapidly growing subsector. With such low barriers to entry and being designed similarly to multifamily, this makes for an easy transition for multifamily developers to dip their toes into active adult.
Emblem Alpharetta of Alpharetta, Georgia will serve as the seventh residential property for the state in Northland’s portfolio. Built in 2006, the 210-unit, fully leased community sits on six acres and offers one and two-bedroom homes in a four-story building. The property is close to downtown Alpharetta with more than 200 restaurants, 750+ acres of parks, and 250 shops within a five-mile radius. Also included at the community are resort-like amenities such as a fitness center with group exercise classes, community pool, resident lounge, community garden, bocce ball court, library and organized social activities.
The seller of the active adult asset was Wood Partners, a multifamily real estate developer, based in Atlanta, Georgia. Northland plans to invest $3 million into the property to continue growth and development of its newly acquired community.
