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Castle Lanterra Properties: “On the Grow” in 2016

| July 19, 2016 | 0 Comments

Castle Lanterra Properties, LLC
One Executive Blvd., Suite 204
Suffern, NY 10901RiederElie (2)

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

SUFFERN, N.Y., July 19, 2016 – A trio of major multifamily acquisitions totaling more than $150 million, strong performances by the existing portfolio, and corporate staff additions highlight the first six months of 2016 for Castle Lanterra Properties (CLP).

“We are pleased with the first-half results, accomplished through the hard work and dedication of our entire team,” said Elie Rieder, founder and CEO of the Suffern, N.Y. based firm. “Our expectations are for an expansion of investment activity for the remainder of 2016.”

The latest acquisitions include Villas Tech Ridge, a 350-unit luxury apartment community in Austin, Texas. “A very special asset – class A in every sense,” said Rieder. The acquisition marked CLP’s second in the growing Austin market, and resulted in the relocation of managing director Austin Alexander to the capital city of Texas to oversee CLP’s operations in the southern region. The initial 2015 acquisition in the market, the 452-unit Stonegate Apartments, subsequently saw renovation of its clubhouse, pool, leasing office, and other amenity spaces during the first half of 2016.

In June, CLP widened its presence in the market with the acquisition of 1825 Apartments, a 455-unit, 60-building community located in the heart of Austin’s growing tech sector. “The city continues to draw a highly educated and upwardly mobile workforce, who are attracted by both the high-quality lifestyle and economic opportunities the city has to offer. We look forward to taking part in the continued growth of this dynamic city,” said Alexander.

CLP’s third portfolio addition in the first half of 2016 was River Park, a 224-unit class A rental community in Raritan, N.J.  Acquired for $56 million, the transaction marked the firm’s second recent acquisition in the Garden State, following the October 2015 purchase of Harbor Pointe in Bayonne. The latter has seen substantial progress since being acquired and rebranded by CLP, including numerous amenity upgrades and a significant improvement in leasing activity and occupancy.

“We are scheduled to close on the acquisition of three additional properties valued at upwards of $200 million this summer,” said Rieder. “I am pleased to be able to build on the success of 2015.  However, we will remain disciplined with our approach and stay committed to only pursuing opportunities that meet or exceed our strict investment criteria.”

Around the portfolio…

Strong performances and continued progress were evident at other CLP properties. The 304-unit Heights at Skyland in Tuscaloosa, Ala., saw the completion of amenity upgrades and well-received unit renovations, with 100 percent absorption of the completed units. And a new leasing office, resident lounge, fitness center, parking lot improvements, new landscaping and signage were completed at the 423-unit Midpointe Apartments in Chicago, which also saw occupancy on the rise.

In Annapolis, Md., numerous operational and physical improvement initiatives were launched at Watergate Pointe.  Most notably, the restoration of a building damaged by fire prior to CLP’s acquisition is underway and is expected to be complete prior to year-end. In addition to CLP’s ongoing unit renovations, building exteriors will undergo a complete makeover, including a contemporary paint color scheme and enhanced landscaping throughout the property.  Plans are also in place to fully renovate the existing clubhouse. “These projects will have a transformative impact on the property,” said Rieder.

And in Baltimore, the 80-unit 222 Saratoga saw progress on several fronts. A former industrial building repositioned as luxury residential, the property is nearing completion of a new ground floor amenity space and a unit conversion project on the third and fourth floors that will add five additional units at the property.

Executive decisions…

The new additions to CLP’s corporate office staff in the first half of 2016 include Elena Chisniceanu who, as an associate, focuses on the initial underwriting and modeling of new investment opportunities. She was previously an associate at G-Way Management. Chisniceau received her Master of Science in real estate finance and investment from New York University’s Schack Institute of Real Estate, where she was the President of the Women’s Real Estate Society.

Fan Yu joined the firm as an analyst and is responsible for assisting the executive team with financial analysis, market research and operations. She was previously a financial analyst with Avison Young’s New York Capital Markets Group. Yu earned her Bachelor of Science in Civil Engineering from Lehigh University and is graduate of New York University’s Schack Institute, having received her Master of Science in real estate finance and investment.  Additionally, Yu is a Level II CFA candidate.

Yves L. Henry, who joined the firm as a senior accountant, assists the controller with partnership and property-level accounting, including the review and consolidation of financial records, tracking and maintenance of accounts payable records, management of vendor files, and coordination of the tax compliance process.  Previously, Henry was an accountant with a premier apartment management organization in the Northeast.  He earned his Bachelor of Science in engineering from the New Jersey Institute of Technology and is currently pursuing his M.B.A.

“As we continue to pursue new investment opportunities and expand the CLP platform, it is imperative to establish a top notch infrastructure that runs parallel with our growth trajectory.  I’m very happy to welcome Elena, Fan and Yves into the CLP family.  There’s no doubt in my mind that all three will make meaningful contributions to our continued success,” said Rieder.

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.  CLP currently owns and manages a portfolio comprised of 6,800 units with a value in excess of $1 billion.

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