Massachusetts investor buys apartment complex for $70.5M

BRADENTON — Northland Yacht Club, an affiliate of Newton, Mass.-based Northland Investment Corp., purchased the Yacht Club at Heritage Harbour apartment complex for $70.5 million.

The transaction, which closed Dec. 15, marks Northland's eighth Florida purchase in the past 18 months, according to a previous statement. One of the firm's most recent acquisitions before this one came in July, when it bought the 332-unit Cypress Legends apartment complex in Fort Myers for $46 million, according to Lee County records.

The Yacht Club at Heritage Harbour is a 392-unit apartment complex off of Anchor Loop, in east Manatee County, near Interstate 75 and State Road 64. TGM Yacht Club, the seller, purchased the complex in 2010 for $43.5 million, according to Manatee County records.

Northland Investment Corp.'s real estate portfolio consists of 87 properties throughout seven states, according to its website. It owns at least 23 properties in Florida.