Castle Lanterra Active Adult, a division of Castle Lanterra, the New York-based national real estate investment firm, announced its third major acquisition in the active adult multifamily (55-plus) asset class with the purchase of Laurel at Vintage Park in the Houston, Texas suburb of Tomball. With this most recent acquisition, the firm has accumulated over $125 million of assets in the active adult sector during 2022. Castle Lanterra Active Adult acquired the residential community from Coastal Ridge.
Castle Lanterra made its foray into the active adult sector earlier this year with the acquisitions of Diamond Oaks Village in the Paradise Coast between Naples and Fort Myers, Florida and Reserve at Lakeside in New York’s Hudson Valley.
“Laurel at Vintage Park provided us with the rare opportunity to purchase a recent vintage 55-plus community with value-add potential in one of Houston’s most desirable, live-work-play suburban neighborhoods,” said Frank Small, senior managing director and head of investments for Castle Lanterra Active Adult.
Built in 2014, Laurel at Vintage Park is a 120-unit residential community is strategically positioned next to Vintage Park, one of Northwest Houston’s premier destinations for business, shopping, dining and entertainment. Community features include a resort-style pool with sundeck, two-story clubhouse with kitchen, fitness center, aerobic studio, coffee and wine bar, game and craft room, library, computer lounge with free Wi-Fi, outdoor covered seating areas, grilling stations, walking trail, pet park. elevator access, garage with covered parking and 24-hour emergency maintenance service. Homes boast 10-foot ceilings, kitchens with pantry, granite countertops, stainless-steel appliances, washer and dryer, walk-in closets, breakfast bar, wood-style plank floors, ceiling fans and private patio with a backyard for select units.
