Castle Lanterra Properties (CLP), a New York-based real estate investment firm, has sold Overlook at Stonemill in Lynchburg, Virginia to Southwood Realty for $33.25 million. The buyer is planning to assume the existing loan on the multifamily community.
“After acquiring Overlook at Stonemill in 2019 for approximately $22 million, we were able to implement a capital improvement program,” said Elie Rieder, founder and CEO of CLP. “We feel that the timing is right to exit the Lynchburg market as we refocus our business elsewhere.”
Located in the heart of Lynchburg, a rapidly growing Central Virginia urban center for commerce and culture, Overlook at Stonemill is just a short drive away from area employers, Liberty University, Centra Health and the Lynchburg General Hospital.
Overlook at Stonemill boasts 216 garden-style apartments with fully equipped kitchens, washer/dryer connections, patios/balconies, energy-efficient, in-unit LED lighting, walk-in closets, ceiling fans and window blinds as well as LVP wood-look flooring in select units. Community amenities include a clubhouse with a fitness center, conference room, business center and on-site leasing and management office as well as a swimming pool, playground, outdoor grilling areas, walking trails and a dog run.
