Atlanta Apartment Community Trades for $32M

The acquisition is Castle Lanterra Properties' first in the Atlanta market.
Alta Coventry Station

Alta Coventry Station

Atlanta—Suffern, N.Y.-based Castle Lanterra Properties has acquired Alta Coventry Station, a 322-unit apartment community located in Atlanta. The asset traded for $32 million in an off-market transaction, as reported by Atlanta Business Chronicle.

Located at 3378 SW Greenbriar Parkway, the property completed in 2008 features community amenities including a fitness center, business center, clubhouse, swimming pool and 644 parking stalls. The property’s unit mix consists of one-, two- and three-bedroom apartments. The community offers convenient access to downtown Altanta and the Hartsfield-Jackson Atlanta International Airport.

According to Castle Lanterra Properties’ Managing Director Austin Alexander, the company intends to invest roughly $1.2 million in property renovations such as unit interior upgrades including with new flooring, plumbing fixtures, lighting and countertops. The firm will also rename the property, which will now operate as Landing Square.

The community was purchased in 2015 by Arsenal Real Estate Partners from Wood Partners. The transaction was subject to a $25 million loan funded by Fannie Mae due in 2025, according to Yardi Matrix data.

The deal marks the first purchase in Atlanta market for Castle Lanterra Properties. The company now aims to add 3,000 units in the metro in the next three years.

Image courtesy of Yardi Matrix