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Castle Lanterra’s Acquisition of Alta Coventry Station Marks Entry into Atlanta, GA Multifamily Market

| December 14, 2016 | 0 Comments

Castle Lanterra Properties, LLC
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ATLANTA, Ga., Dec. 14, 2016 – Castle Lanterra Properties (CLP) marked its entry into the Atlanta, Georgia marketplace with the acquisition of Alta Coventry Station, a 322-unit apartment community in the South Fulton submarket.

“As the economic and cultural hub of the Southeast, the Atlanta area continues to attract major investments, jobs and new residents,” said CLP founder and CEO, Elie Rieder. “The city is home to leaders in healthcare, education, transportation, retail and manufacturing, and the population is now growing at a faster rate than at any point since the recession. This strong economic foundation has enabled an award-winning city to continue to experience robust development.”

According to a Market Beat report issued earlier this year by Cushman & Wakefield, “Atlanta’s low cost of living and low cost of doing business continue to be among the metro’s core strengths, attracting residents and companies alike. In 2016, Atlanta’s Gross Metro Product (GMP) is expected to increase by 4.0 percent with no slowdown projected for 2017 at 4.1 percent. The confluence of job additions, demographic growth, and low oil prices point to an economy in an ongoing expansion phase, fueling continued rental rate increases and stabilized vacancy in the multifamily sector.”

CLP Managing Director, Austin Alexander, added that CLP was attracted to the strong fundamentals in the South Fulton submarket, where Alta Coventry Station is located. “The demographics reveal that half of households are renter-occupied. The majority of existing stock is older, and very little new inventory has been added to this submarket. We see an opportunity to make significant upgrades to the property while maintaining a value-oriented price point.”

Built in 2008, Alta Coventry Station is situated minutes from both Atlanta’s CBD and the Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport and the largest employer for both the city and the property. Delta Air Lines alone has over 31,000 direct employees and indirectly supports tens of thousands of other local jobs.

The mid-rise community offers a mix of one-, two-, and three-bedroom units and a full range of amenities including a clubhouse, fitness center and business center, as well as a resort-style pool, outdoor terraces with barbecue grills, a playground and youth lounge, and detached garages.

Spacious apartments feature nine-foot ceilings, oversized balconies, private patios, crown molding, eat-in kitchens and washers and dryers. Select units also offer walk-in closets, outside storage, enclosed sunrooms and vaulted ceilings.

Planned unit enhancements include new flooring, plumbing fixtures, lighting and countertops. In addition to modernizing the units, CLP will upgrade the common areas including refreshing the clubhouse, pool and cabana areas and adding fitness center equipment.

“The Atlanta area continues to attract major investments with tax incentives and opportunity zones,” said James Brady, vice president of operations. Delta has recently signed a new 20-year lease, and city officials unveiled a $6 billion upgrade package for the airport terminal and other facilities. Among other large investors in the area are Porsche, with its new 28-acre U.S. headquarters, Tyler Perry Studios (TPS), Lowe’s, Procter & Gamble, Walmart, Clorox and Kraft. Costar estimates that the TPS project alone could generate up to 8,000 jobs. “With these and other significant economic development projects on the horizon, we expect to see increased demand for multifamily housing in South Fulton.”

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 7,600 units and a value in excess of $1 billion

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