Castle Lanterra Expands Lone Star State Presence
- Aug 02, 2016
Corpus Christi, Texas—Castle Lanterra Properties has acquired San Marin, a 220-unit apartment community in the coastal city of Corpus Christi, Texas.
“We saw an opportunity to acquire a high-quality, well-performing property with upside potential in a stable market,” Elie Rieder, CLP’s founder and CEO, told MHN. “We look for good risk-adjusted opportunities. We believe that this property provides the potential for strong, stable cash flow as well as ongoing upside potential from unit modernizations and other enhancements.”
The property offers one-, two- and three-bedroom apartments, and features a variety of resort-like amenities, including an expansive swimming pool, a clubhouse with fitness center, a sand volleyball court, a dog park, and various social areas with grills and picnic tables for outdoor eating.
Originally constructed in 1998, the San Marin is located a 7221 South Staples Street. An estimated $30 billion in new construction projects are underway in the area, including substantial expansion of the local port infrastructure as major corporations continue to invest in the region, bringing employment and wage growth.
“The property is well-located with convenient access to major transportation arteries that allow quick transit to nearby recreational areas, beaches and employers,” Rieder said. “The immediate neighborhood includes plentiful retail, excellent schools, and an overall high quality of life, with some nearby single-family homes fetching prices of over $1 million.”
According to Rieder, CLP plans to invest $10,000 per unit for ongoing property upgrades and will enhance the amenities, including an update to the clubhouse, fitness center and an expansion of the dog park.
“We also plan to bring the unit interiors up to current new construction standards, providing an exceptional and cohesive experience for residents from the moment they walk in the door, to the clubhouse, all the way through their home on the property,” he said.
CLP has established a strong presence in Texas’ capital city of Austin with three recent acquisitions totaling 1,300 units. Overall, it owns and manages a portfolio comprised of over 7,000 units and a value in excess of $1 billion.