Orlando, FL – Northshore Development (NSD) announces the sale and financing of the development of Mission Grove, a 192-unit apartment community in Tallahassee, Florida.
HFF marketed the asset exclusively on behalf of the seller, Northland Investment Corporation, and procured the buyer, Northshore Development. Additionally, HFF worked on behalf of the new owner, to secure a three-year, floating-rate loan through Basis Investment Group LLC. Loan proceeds were used to both acquire the property and fund future capital improvements.
Mission Grove is located at 2616 Mission Road approximately two and a half miles northwest of Florida State University. The property is also convenient to Highway 90 and Interstate 10. Originally completed in 1972, Mission Grove encompasses a mix of one- and two-bedroom units averaging 724 square feet and community amenities, including a swimming pool, basketball court, tennis court, picnic/grilling area, playground and dog park. The property was 91 percent occupied at closing.
The HFF investment advisory team was led by senior managing director Matt Mitchell and senior directors Brett Moss and Zach Nolan.
The HFF debt placement team included managing director Elliott Throne and director Brian Gaswirth.
“We are extremely excited about the acquisition, the low cost basis and potential upside rent growth are north of 20% and we expect to have renovations to the entire project complete by mid 2021 and a strong return on this investment.” Andrew Steel, Partner, Northshore Development.
About Northland Investment Corporation
Northland Investment Corporation is a real estate private equity firm with a core competency in the acquisition, development, management and ownership of multifamily real estate. Northland has $5 billion of assets under management, including more than 25,000 residential units and 2.5 million square feet of commercial space, and $3.5 billion of development in progress.
About Northshore Development, LLC
Northshore Development, LLC is based in Orlando, FL with a financial office located in Palm Beach, FL. The team includes a highly visible CEO who spent 25 years as the top executive within Wyndham Vacation Ownership, a highly qualified developer with 15 years of experience with Marriot Vacation Club, and a CIO who has participated in the structuring and capital investment of over $5 billion in world class real estate assets.
Northshore Development, LLC has a unique offering in the marketplace with senior executive leadership, development, construction management, finance and operational knowledge from the top tier of global real estate firms.