December 2, 2016
Castle Lanterra Properties (CLP) closed on the buy of the 284-unit Springs at Corpus Christi. The Suffern, NY buyer expanded its Corpus Christi holdings to two, having acquired the 220-unit San Marin in July, and owns six properties in Texas.
Continental Properties Co. Inc. of Menominee Falls, WI was the seller, and also developed the property. The sales price was undisclosed, with the Nueces County Appraisal District assessing the property for $31.5 million.
Situated on 16.6 acres at 5702 Timbergate Dr., Springs at Corpus Christi delivered in 2014, and has a stabilized occupancy. The property has studio, one, two and three-bedroom units, as well as a swimming pool, fitness center and dog park.
CLP acquired the asset as a “turn-key, institutional-grade investment opportunity,” noted CEO Elie Rieder. “CLP is very familiar with the strength of this market, and wanted to diversify our portfolio with one of the city’s top multi-family properties.”
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