Castle Lanterra Sells Austin Apartments

Villas Tech Ridge

Castle Lanterra Properties (CLP) has sold Villas Tech Ridge, a Class A, 350-unit community in Austin, Texas, to New York Life Insurance Co. At the time of the transaction, the property was 98 percent occupied. Villas Tech Ridge last changed hands in 2016, when the seller acquired the asset from Mesirow Financial, according to Yardi Matrix.

Located on 16.4 acres at 13838 The Lakes Blvd., the property encompasses 12 three-story buildings completed in 2008. It features one-, two- and three-bedroom floorplans ranging from 712 to 1,336 square feet. Villas Tech Ridge underwent a capital improvement plan that included upgraded finishes and improved amenities including the clubhouse, leasing office, fitness center and pool.

The property is situated in Tech Ridge, a 236-acre master plan community that is home to national tech companies such as IBM, Dell and Samsung. Several retail opportunities are available within walking distance.

Castle Lanterra is active in the southern markets. Last December, the company acquired Vue at Belleair, a 339-unit luxury residential property in Clearwater, Fla.