Castle Lanterra Enters Atlanta Multifamily Market
The company has plans to update the units to include new flooring, lighting, plumbing fixtures and countertops, as well as upgrading the common areas.
Alta Coventry Station pool and clubhouse
Atlanta—Castle Lanterra Properties announced its entry into the Atlanta marketplace with the acquisition of Alta Coventry Station. Built in 2008, the 322-unit community located in the South Fulton submarket, offers one-, two- and three bedroom units featuring nine-foot ceilings, oversized balconies, private patios, crown molding, eat-in kitchens and washers and dryers. Select units offer walk-in closets, outside storage, enclosed sunrooms and vaulted ceilings.
“As the economic and cultural hub of the Southeast, the Atlanta area continues to attract major investments, jobs and new residents,” said CLP Founder & CEO, Elie Rieder. “The city is home to leaders in healthcare, education, transportation, retail and manufacturing and the population is now growing at a faster rate than at any point since the recession. This strong economic foundation has enabled an award-winning city to continue to experience robust development.”
Residents have access to amenities such as a clubhouse, business center, outdoor terraces with barbecue grills, detached garages, a fitness center, a resort-style pool, a playground and a youth lounge. CLP has plans to update the units to include new flooring, lighting, plumbing fixtures and countertops, as well as upgrading the common areas including a revamp of the clubhouse, pool and cabana area and adding fitness center equipment.
Alta Coventry Station mid-rise community
“The demographics reveal that half of households are renter-occupied,” said Austin Alexander, CLP’s managing director. “The majority of existing stock is older, and very little new inventory has been added to this submarket. We see an opportunity to make significant upgrades to the property while maintaining a value-oriented price point.”
The community is located minutes from both Atlanta’s CBD and the Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport and largest employer for both the city and the property.
“The Atlanta area continues to attract major investments with tax incentives and opportunity zones,” said James Brady, vice president of operations at CLP, in prepared remarks. “Delta has recently signed a new 20-year lease, and city officials unveiled a $6 billion upgrade package for the airport terminal and other facilities. Costar estimates that the TPS project alone could generate up to 8,000 jobs. “With these and other significant economic development projects on the horizon, we expect to see increased demand for multifamily housing in South Fulton.”
Images courtesy of Castle Lanterra Properties
