July 31, 2016
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.
Join multifamily experts on September 15 at Connect Apartments to learn the latest industry news and trends!
For comments, questions or concerns, please contact Amy Sorter