Castle Lanterra Properties Adds 350 Units to Texas Portfolio
- Feb 22, 2016
“This is a very special asset – class A in every sense,” Elie Rieder, founder & CEO of CLP, said. “Our due diligence found the property to be impeccably maintained by the previous ownership. Our strategy going forward includes modest capital improvements, including light renovations to the apartments as they turn over and upgrades to the property’s impressive list of amenities.”
Villas Tech Ridge was built in 2008 as part of the Austin Energy Green Builder Program. The community is located off I-35 within the Pflugerville School District, close to retail stores and with easy access to highways and transportation. The asset offers a mix of one- to three-bedroom units. “This is one of the few properties that is designed for a wide range of residents, from individuals to growing families; it is the only community in the immediate area offering three bedroom floorplans,” said Rieder.
Community amenities include a resort-style swimming pool with large cabana with fireplace, flat screen TV and outdoor kitchen, fire pit lounge, garden tubs, clubhouse, fitness center, pet park, e-lounge with free WiFi and billiards, garages/carports/storage, large walk-in closets, and resident portal for online rent payments. Unit amenities feature open floor plans with nine-foot or vaulted ceilings and high-end finishes including granite countertops, mahogany cabinets, ceramic tile, and vinyl plank flooring.
CLP continues its sustained expansion in Texas’ capital city—the firm entered the market in 2015 with the acquisition of Stonegate, a 452-unit apartment community located near downtown Austin. Managing Director Austin Alexander has relocated to oversee CLP’s operations in the area, while also identifying new investment opportunities in the Liberal City of Texas.
“This is a tremendous asset in a well-diversified growth market,” said Alexander. “The technology sector is booming and this property is located in the epicenter of that dynamic growth. Demand is strong for Class-A multifamily product in this market, with all of the in-migration that Austin has been enjoying for the past several years. Based on our market research, there are only two new multifamily projects in this submarket, totaling 611 units, expected to be delivered through 2017. We expect to see constraints on supply and increased demand for multifamily housing as thousands of new residents continue to move into this neighborhood over the next several years.”
Images courtesy of Villas Tech Ridge