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Castle Lanterra Acquires 370-Unit Apartment Property in Austin, TX

| August 31, 2016 | 0 Comments

Castle Lanterra Properties, LLC
One Executive Blvd; Suite 204
Suffern, NY 10901Arrangement Lobby

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AUSTIN, Tex., August 31, 2016 – Castle Lanterra Properties (CLP) closed today on the purchase of Arrangement, a 370-unit apartment property in Austin. For the New York-based firm, the acquisition marks its fourth in this growing metro since entering the market in March 2015. Located in Austin’s revitalized East Riverside corridor, Arrangement was originally constructed in 1973 and has undergone an extensive $10 million redevelopment in 2013.

“The renovations have been transformative, to say the least. The property now offers modern amenities, including two dog parks, two large pools, an oversized fitness center, and a brand new resident lounge” said Elie Rieder, founder and CEO of CLP. “As a nod to the previous owner’s vision, this property has been upgraded with colorful design details and modern finishes to meet the demand of this fast-growing market and also draw in an increasingly youthful demographic. In addition to the upgraded amenities, more than 90 percent of the units have been gut-renovated, and our capital plans include renovating the remainder of the units as they become vacant.”

“The acquisition targets a strong in-place yield of more than 11 percent in a growing market with demand drivers that are expected to continue to support long-term rent growth,” said Managing Director, Austin Alexander, who relocated to Austin, TX to oversee CLP’s operations there and expand their presence in the southern region. “The property now features a level of design and quality that competes with new construction, but at a value-oriented price point.”

Potential rent growth is also borne out by the fact that Austin ranks number one in the U.S. for net in-migration and has the lowest unemployment rate among the country’s 50 largest metropolitan areas. The property is situated less than three miles from downtown Austin, a short commute from almost 10 million square feet of office space and numerous restaurant and nightlife options. Less than a year ago, Oracle announced a major expansion less than one mile from Arrangement, a project that will bring more than 1,500 direct jobs and 4,000 total jobs to a new 27-acre corporate campus.

Formed in 2009, Castle Lanterra Properties is a privately held real estate investment company focused on the acquisition and management of quality income-producing multifamily properties within strategic growth markets throughout the United States.  Through a rigorous value-enhancement program that includes thoughtful renovations, operational improvements and ancillary income development, CLP aims to reposition each asset with the goal of maximizing NOI, elevating its competitive position within the market and providing attractive risk-adjusted returns for its investment partners. Castle Lanterra Properties currently owns and manages a portfolio comprised of over 7,300 units and a value in excess of $1 billion.

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