Newswire

Castle Lanterra Properties Announces Record-Breaking 2019

Castle Lanterra Propetries, CEO Elie Rieder

Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, has announced that the firm experienced record-breaking activity in 2019, completing 11 transactions and more than doubling year-over-year transaction volume by dollar amount.

The 11 total transactions—six acquisitions and five dispositions—across seven U.S. states totaled $411.6 million compared to 2018’s $198.2 million. While CLP continued to focus on its signature value-add strategy, the firm also made two key acquisitions of newly-constructed properties as its acquisition team began to see cap rates compress among Class-A product in specific strategic growth markets. The dispositions allowed CLP to capitalize on the significant value appreciation created through its ownership of the properties. To accompany the remarkable growth, CLP also bolstered its staff with the addition of seven new professionals throughout its investor relations, legal, asset management, and accounting teams.

“We are very pleased to have experienced this exponential growth in 2019,” said CLP CEO Elie Rieder. “Going into 2020, we will continue to seek well-located, high-quality workforce communities where we can implement our value-add strategy through physical and operational improvements while also identifying key opportunities to acquire new construction in line with market fluctuations.  Our growing team of talented professionals will allow us to continue providing best-in-class service to our clients and trusted investment partners.”

2019 acquisitions included:

  • Vue at Belleair, a newly-constructed 339-unit luxury garden apartment community in Clearwater, Florida.
  • RiDE at RiNo, a newly-constructed 84-unit class-A apartment community in the River North (RiNo) neighborhood of Downtown Denver.
  • 300 Riverside, a 220-unit apartment community in Austell, Georgia.
  • The Overlook at Stonemill, a 216-unit garden-style community located in Lynchburg, Virginia.
  • Premier Apartments, a 280-unit multifamily property in Austell, Georgia.
  • Capital Crossing, a 359-unit multifamily property in Suitland, Maryland.

2019 sales included:

  • Landing Square, a 322-unit rental community in Atlanta, Georgia
  • Misty Ridge, a 409-unit apartment community in Woodbridge, Virginia.
  • Asher, a 452-unit apartment community located in Austin, Texas.
  • Heights at Skyland, a 304-unit workforce housing complex located in Tuscaloosa, Alabama.
  • Array Apartments (rebranded from Arrangement), a 370-unit rental property approximately 3 miles southeast of downtown Austin, Texas.