Tuscaloosa, Ala.—Castle Lanterra Properties (CLP) has completed its acquisition of the Heights at Skyland, a 304-unit apartment community off Skyland Boulevard in Tuscaloosa, Ala. Multi Housing Advisors arranged the transaction.
Common amenities include a recently renovated clubroom, swimming pool, volleyball court, business center, fitness center, three tennis courts and playground. “The prior owner spent a lot of money upgrading the amenities and improving the overall quality of the property,” said Elie Rieder, owner of CLP. “We plan to build on this.
“This is a value-add opportunity in a growing market that needs high-quality affordable housing,” continued Rieder. “There’s a great opportunity to restore and renovate units to a level similar to what’s available at new-construction properties in Tuscaloosa.”
The property is situated to take advantage Tuscaloosa County’s Mercedes plant, noted Rieder. The manufacturer has been increasing its presence in the state lately, announcing a $1.3 billion expansion in September at its Tuscaloosa County plant on top of $2.4 billion in investments over the last five years. The Heights at Skyland is also fairly close to the University of Alabama.
Castle Lanterra Properties acquires, repositions and manages a multifamily portfolio across the Northeast, Mid-Atlantic and Southern United States. In the past two years, the company has acquired $500 million of assets including over 3,000 residential units.