Caryl Communications is an award-winning public relations and marketing agency based in Paramus, N.J. Read More

Castle Lanterra Properties Caps Record Year; Poised for Continued Growth in 2016

| December 16, 2015 | 0 Comments
Elie Rieder

Elie Rieder

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

Download Word Doc: Click Here

Media Contact: Karen Ravensbergen / (201) 796-7788 / @carylcomm

Firm acquired nearly 2,000 Multifamily Units in Major Markets throughout 2015

SUFFERN, N.Y., December 18, 2015 – Castle Lanterra Properties (CLP) has concluded a banner 2015, a year in which the New York-based, privately-owned real estate company acquired multifamily residential properties totaling nearly 2,000 units, valued at $330 million. The highlight of the year was the acquisition of the 544-unit Harbor Pointe in Bayonne, on New Jersey’s Gold Coast. The year also marked CLP’s entry into two new markets, Austin, Tex. and Tuscaloosa, Ala.

“The past year encompassed consistent growth through strategic acquisitions,” said Elie Rieder, founder and CEO of CLP, “providing the foundation for continued expansion in 2016.  Our vision for the future is to continue to seek opportunities with outstanding rates of return for our investors, while providing tenants with a positive quality of life and creating communities that become a strong source of pride for residents and their neighbors.”

Expanding into New Regional Markets

CLP committed much of 2015 to identifying new regions and properties that provided value-add opportunities.  The company expanded its geographic footprint with the acquisition of Stonegate Apartments, a 452-unit, class A property in Austin, Texas. “This beautiful, well-located community has proximity to major corporations and businesses, creating an established corporate center while generating strong job growth for residents of the area,” said Rieder. “The unrealized potential at this 56-acre site includes improvements that will bring Stonegate to a new level of quality. We are planning to modernize the units, upgrade the amenities and improve energy efficiency throughout the property.”

In another new region for CLP, the company acquired the Heights at Skyland, a 304-unit community in Tuscaloosa, Ala. “This is a growing market that has a need for high-quality, affordable housing,” said Rieder. “This also represents a value-added opportunity through the planned restoration and renovation of residences to a level comparable to the newest properties in this market.”

New Jersey’s Gold Coast and New York City

Most recently, in the fourth quarter of 2015, CLP acquired Alexan CityView, an expansive 544-unit waterfront residential community in Bayonne on New Jersey’s Gold Coast. CLP paid $147.5 million for the property and renamed it Harbor Pointe, reflecting its beautiful location,” said Rieder. “We plan additional upgrades to the community’s already strong amenity package.” The acquisition also includes the potential for developing neighboring parcels of land.

CLP has been at the forefront of the economic boom along New Jersey’s Gold Coast, which is the last master-planned stretch of land in the region. Plans for additional development, ferry service to New York City, and an ongoing partnership with city administration “is something we’re very proud of,” said Rieder.

The past year also saw the sale of Trantor Place Apartments, a 177-unit property in the borough of Staten Island, N.Y. The property was originally acquired in 2011 for $11 million. Following more than $2 million of upgrades, was sold for $17.9 million, a testament to CLP’s value-add strategy, and the team’s expertise in assessing and identifying necessary improvements with a financing plan that results in a successful turnaround.

“The disposition of Trantor Place is a prime example of our approach and tactics, acquiring undervalued assets and creating a capital improvement plan that will enable us to recapitalize and reposition quality assets,” said Rieder. “We continue to seek such opportunities in markets across the country.”

Metropolitan Chicago

In the midwest, CLP became active in 2014 when it acquired Southgate Apartments, the 424-unit community that the company has since rebranded as Midpointe Apartments. The new name reflects the property’s location “midway” between urban and suburban Chicago. The acquisition marked the company’s entry into the Chicago marketplace, and CLP has subsequently allocated $3 million for upgrades, with ribbon cuttings scheduled for later this month for the new leasing office and fitness center.

Mid-Atlantic Region

In Baltimore, CLP completed the acquisition of 222 Saratoga, which offers 80 luxurious, loft-style apartments in a converted industrial property in a commuter-friendly location. “With more jobs returning to the downtown area, the city has been attracting young professionals seeking flexible urban rentals as a lifestyle choice,” stated Rieder.

Also in Maryland, CLP acquired Watergate Pointe, a 608-unit property in the state capital of Annapolis, for $105 million. Situated on 31 waterfront acres, the property offers upside potential in the form of a 45-unit building that has been unoccupied since damaged by fire in 2013. More than $12 million is being invested in restoring the building and bringing it back on-line in 2016, and for additional on-site capital improvements.

“We are very optimistic about the year ahead and beyond as we continue to grow our company,” said Rieder. “In 2016, we plan to leverage the past year’s achievements with additional strategic acquisitions in these markets and beyond.”

CLP Expands Team

The year 2015 also included staff growth at CLP. Mike Y. Kim, a 15-year industry veteran, joined the company as Vice President of Investor Relations, and Jim Brady was named Vice President of Property Management and Operations. “Mike and Jim bring a great deal of experience and knowledge to their new roles with the company, and we welcome them as we continue to grow,” said Rieder.

Castle Lanterra Properties specializes in identifying investment opportunities in multi-family properties. Founded by Elie Rieder, the firm acquires, improves, repositions and manages a portfolio of properties across the Northeast, Mid-Atlantic and Southern U.S., with a proven track record of creating above-market returns for investors. Since its inception in 2009, Castle Lanterra Properties has acquired $850 million of assets comprised of over 3,000 residential units.

###

About Castle Lanterra Properties

Tags:

Category: Castle Lanterra Properties, News Releases, Newswire: Latest News

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *

Please enter validation text from image * Time limit is exhausted. Please reload the CAPTCHA.