A fund managed by Newton-based Northland Investment Corp. has acquired a portfolio of nine Class A communities in Austin, Texas, comprised of 2,985 apartment homes for $270 million, in a deal billed as the largest multifamily acquisition in the city’s history.

The transaction positions Northland as the city’s largest apartment owner. The transaction was brokered by Charles Cirar at CB Richard Ellis.
 
The portfolio, acquired by the company’s Northland Fund III, includes 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. The acquisition increases Northland’s Austin portfolio to 4,500 apartments.

Northland’s multifamily portfolio has experienced significant growth, with 24 acquisitions in the last twelve months netting 5,906 units, the company said.