Annapolis, Md.—Castle Lanterra Properties (CLP), a privately held real estate firm, has acquired Watergate Village, a 608-unit multifamily property in Annapolis, for $105 million. The seller was Columbia Realty Venture LLC of Annapolis.
The community consists of 20 residential buildings and is on a 31-acre peninsula with water views. Amenities include a two-story waterfront clubhouse built in 2004 and a 162-slip marina.
The New York-based buyer, which often pursues value-add properties, will invest more than $12 million to make capital improvements to the property, restoring and updating the units with modern finishes, and enhancing the common areas. The company will also renovate a 45-unit building that has been vacant since it was damaged by fire two years ago.
The marina features boat docks as well as a fishing and crabbing dock. As part of the property improvements, CLP also plans to work with St. Luke’s Episcopal Church, which is adjacent to the property, and the Maryland Department of Natural Resources on a new drainage project that will enhance the marina (and benefit Chesapeake Bay).
Watergate Village is within walking distance of downtown Annapolis, Maryland’s state capital and home to the U.S. Naval Academy. The site is between Baltimore to the north and Washington, D.C., to the west.