Northland forms multifamily joint venture
Northland Investment Corp. of Newton is joining with Tarragon Corp. of New York to form a company that will own and manage 83 multifamily properties in 12 states.
Northland, a real estate firm, will hold a 77.5 percent controlling interest in the new company, Northland Properties LLC, which it said in a press release yesterday will be worth about $2 billion and will be among the top 50 multifamily companies in the United States.
Tarragon, a mixed-use property developer focusing on apartments and condominium residences, will contribute 7,433 units to the portfolio of the new company, bringing the total held to more than 21,000.
Founded in 1970, Northland Investment Corp. is privately held and owns about 22 million square feet of property of all types in 15 states as a result of the merger with Tarragon.
(By Thomas C. Palmer Jr., Globe staff)
