Castle Lanterra Properties continues to expand its value-add portfolio with the acquisition of Capital Crossing in Suitland, Md. Yardi Matrix identified the seller as Hampshire Properties, which purchased the asset in June 2013.
Capital Crossing encompasses 15 buildings completed in 1960. It includes 365 studios, one-, two- and three-bedroom units ranging in size from 705 to 1,080 square feet. Community amenities include a dog park, playground area, laundry facilities and a fitness center. The property was 96 percent leased at the time of the sale.
The Class B community underwent a $1.9 million renovation, which resulted in a refurbished leasing office, upgraded interior units and new HVAC systems. Upcoming capital improvements call for renovated building entrance and laundry rooms, a key fob access system, outfitted community clubroom and a new landscaped outdoor kitchen with picnic areas.
Located on 13 acres at 3930 Suitland Road, the property sits near the Washington, D.C., border. A wide array of restaurants and retailers, including the $400-million Suitland Town Center, are all within a 5-mile radius, alongside major employers and business centers. Suitland METRO Station and Interstate 495 provide easy transportation throughout the entire area.