Castle Lanterra Properties has sold its 608-unit waterfront community that includes a marina for $154 million.
Transwestern’s Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio represented the buyers, TPG Real Estate and The Bainbridge Cos., in the acquisition of Watergate Pointe in Annapolis, Md.
Castle Lanterra originally acquired the apartment community in 2015 for $105 million.
Watergate Pointe offers one-, two- and three-bedroom units that range in size from 487 to 1,148 square feet throughout seven mid-rise and 13 garden-style buildings. The 31.2-acre community’s amenities include a pool, business center, crab dock, clubhouse, dog park, fitness center, tennis court, laundry facility, playground, bikeshare program, recycling center and outdoor seating. Watergate Pointe was also built with a marina that includes 160 slips and docks that offer fishing, paddleboards and kayaking.
Located at 655 Americana Drive, Watergate Pointe is roughly a mile away from downtown Annapolis, which can also be accessed by water taxi directly from the property. Sigmon told Multi-Housing News that the community was 96.4 percent occupied.
According to Transwestern, Watergate Pointe has already undergone a more than $10 million extensive capital improvement program. Sigmon told MHN that the repositioning included significant upgrades to the community’s clubhouse, exterior amenities, common areas in the garden buildings and the lobby entries in the mid-rise buildings.
Robin Williams, executive vice president at Transwestern, said in prepared remarks that Watergate Pointe will be able to capture higher rents by continuing its interior renovation program and better managing the marina.
Sigmon told MHN that there were still a large number of units that have not completed interior renovations which would see new kitchen cabinets, countertops and bathroom upgrades. Sigmon also told MHN that the marina will be under new management.