September 11, 2019
Castle Lanterra Properties (CLP) ended its three-year hold on the 370-unit Array Apartments in Austin’s East Riverside-Oltorf neighborhood. The Suffern, NY seller traded the asset at 2101 Burton Dr. to buyer Lion Real Estate Group of Los Angeles for $47.5 million.
The property, situated on 14 acres, delivered in 1973, and was renovated 2013. When CLP acquired the property — then called “Arrangement” — for $38.5 million in 2016, the submarket was becoming attractive to young professionals. CLP boosted the asset’s curb appeal, stabilized its tenant base, and improved the cash flow.
Array Apartments has one-, two- and three-bedroom units. Amenities include two pools, two dog parks, a fitness center with spinning and yoga rooms, an outdoor sports court and resident lounge. CLP’s investment included upgrades to the fitness center, pools and outdoor courts, a new dog park and pet spa and outdoor seating areas and grilling stations. CLP also addressed deferred maintenance issues.
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