San Marin

July 31, 2016 Comments Off on Castle Lanterra Nabs 220 MF Units in Corpus Christi Views: 207 National News, New York, Northeast, Southwest, Texas, Texas - Other, Texas News

Castle Lanterra Nabs 220 MF Units in Corpus Christi

Suffern, NY-headquartered Castle Lanterra Properties struck a deal with Cottonwood Residential of Utah to acquire the 220-unit San Marin Apartments in Corpus Christi to its Texas portfolio. The sales price was undisclosed, with the Neuces County Appraisal District assessing the close-to-20-year-old property at $16.6 million.

San Marin at 7221 S. Staples St. represents a value-add play for Castle Lanterra. “The previous owner invested significant capital for exterior upgrades,” said Elie Reider, founder and CEO of CLP. “We believe there is an opportunity to significantly enhance the value of this asset by also renovating unit interiors.” More than $10,000 per unit is being allocated for property upgrades.

Castle Lanterra’s other Texas properties include Villas Tech Ridge and Stonegate, both in Austin.

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