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Castle Lanterra Properties Completes 220-Unit South Texas Acquisition

| July 29, 2016 | 0 Comments

Castle Lanterra Properties, LLC
One Executive Blvd, Suite 204
Suffern, NY 10901San Marin 2

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Expands Lone Star State Presence with Addition of Corpus Christi Apartment Community

CORPUS CHRISTI, Tex., July 29, 2016 – Castle Lanterra Properties (CLP), which has established a strong presence in Texas’ capital city of Austin with three recent acquisitions totaling 1,300 units, has now extended its statewide presence with the acquisition of San Marin, a 220-unit apartment community in the coastal city of Corpus Christi.

Located along South Staples Street in Corpus Christi, San Marin was constructed in 1998. “The community features resort-like ambiance, including an expansive swimming pool, clubhouse, fitness center and other key amenities,” said Elie Rieder, founder and CEO of CLP. “The property is well-maintained and beautifully landscaped. The previous owner invested significant capital for exterior upgrades such as the replacement of roofs, a repainting of the property, and landscaping improvements.  We believe there is an opportunity to significantly enhance the value of this asset by also renovating unit interiors and bringing them up to level that is commensurate with the quality of the exterior and also meets the standards of this growing rental population.”

San Marin is located in a market well-known for both its tourism, as well as a highly skilled workforce fueled by petrochemicals, heavy fabrication, water transport, aerospace and marine research. An estimated $30 billion in new construction projects are underway, including substantial expansion of the local port infrastructure as major corporations continue to invest in the region, bringing employment and wage growth.

“The surrounding area near San Marin has seen growth of 12 percent over the past five years, and that growth is expected to continue,” said CLP Managing Director, Austin Alexander. “For this specific property, the neighborhood offers great amenities, including copious retail, nearby beach access, and excellent schools that attract tenants who demand a high-quality product.”

“We have allocated more than $10,000 per unit for ongoing property upgrades, further enhancing the potential for rent growth,” he said.
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 7,000 units and a value in excess of $1 billion.

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