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Castle Lanterra Properties Enters Denver Market with First Multifamily Investment in the State of Colorado

| December 20, 2016 | 0 Comments

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

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

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DENVER, Dec. 20, 2016 – Castle Lanterra Properties (CLP) has completed its first property acquisition in the Denver market, expanding the multifamily investor’s portfolio to Colorado’s Front Range. CLP acquired the 369-unit Alexan Sloan’s Lake luxury apartment community, located in the city’s West Colfax district, for a purchase price of $102.8 million.

Alexan Sloan’s Lake is a new, class A-plus apartment community completed in 2016.  Just five minutes from downtown Denver, the property features an abundant list of amenities, including a resident clubhouse; resort-style pool; media room and outdoor movie wall; state-of-the art fitness, spin, and yoga facilities; work from home offices and conference room; bike repair room; and dog wash room. The property incorporates top-end finishes including granite countertops, hardwood cabinets, stainless steel appliances, and Sonos Bluetooth speakers. The community has 19 different studio, one-, and two-bedroom floor plans, with an average unit size of 744 square feet.

The multifamily property is part of the larger SLOANS mixed-use community – a 19-acre, seven-block infill redevelopment of a former hospital campus that will eventually incorporate a mix of luxury condominiums, townhomes, and retail.

Located just one block from Sloan’s Lake and the 177-acre park surrounding it, the property offers immediate access to walking, jogging, biking, kayaking, fishing, boating, and water-skiing – appealing to both millennials and empty-nesters seeking active lifestyles in a modern yet bucolic setting. The property is also minutes from Highlands Square, a trendy neighborhood featuring 90 boutiques and restaurants.

“The property’s location cannot be replicated,” said Elie Rieder, CLP founder and CEO.  “Sloan’s Lake Park is a unique recreational amenity that sets it apart from downtown properties, and provides a true live-work-play environment for residents.”

The property is unique in the CLP portfolio in that it also includes a significant retail component. Alexan Sloan’s Lake has more than 8,800 square feet of ground floor, fully leased retail space, adding to the “neighborhood” feel of the community. Retail tenants include the recently opened Sloan’s Tap and Burger, a sister restaurant to the popular Highland Tap and Burger, and Cultura Fusion, a Latin-fusion concept restaurant backed by a successful restaurant group. In the immediate vicinity, Little Man Ice Cream, Starbucks, Seedstock Brewery, and an Alamo Drafthouse (a dine-in movie cineplex) are already open or coming soon.

“We are very pleased to see the caliber of regional and national retailers who share our long term vision for this redevelopment site,” added CLP Managing Director, Austin Alexander. “The immediate impact will be increased foot traffic and marketing exposure for the property, but it is the expected market appreciation of this investment that we find most accretive”.

Alexan Sloan’s Lake is a four-block walk to a light rail station, providing access to downtown Denver and other major employment centers in the metropolitan area. The community is situated near several of Denver’s major thoroughfares, including West Colfax Ave., I-25, and U.S. 6.

Forbes ranked Denver as number one on its “Best Places for Business and Careers” list for the second-straight year in 2016, and U.S. News and World Report chose Denver as first place in its “Best Places to Live” rankings in 2016. The Denver metro area is poised to grow to 4 million residents – a 30-percent gain over the next 25 years. Denver’s office vacancy rates are near their lowest levels in 15 years, while average multifamily rents continue to trend upward.

The Metro Denver market has seen financial services, healthcare, and technology replace the energy industry as the driver for employment in the region. Nearby employers include Wells Fargo, CenturyLink, St. Anthony Hospital, and the Denver Federal Center – whose 13,000 employees make up the largest concentration of federal employees outside of Washington, D.C. Also nearby are colleges University of Colorado-Denver and Metropolitan State University.

Noted for its deep focus on asset management, CLP typically repositions properties through capital improvements, often upgrading them to best-in-class status in their respective submarkets.

“Historically, our name and reputation has been closely associated with the value-add investment space.  However, with a brand new asset already at the top of its market, our strategy here is to implement CLP’s style of management while capitalizing not only on the core strength of the Denver market, but the accelerated growth of this particular submarket,” said Rieder. “In many respects, Alexan Sloan’s Lake symbolizes the type of property we aspire to own.”

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 8,300 units and a value in excess of $1 billion.

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