Castle Lanterra Sells Revamped Atlanta Asset for $45M
- Dec 12, 2019
Castle Lanterra Properties has sold Landing Square, a 322-unit community in Atlanta. InterCapital Group purchased the Class A asset for $45 million in a deal brokered by CBRE’s Keith Geiger and David Wagner. CLP had acquired the property from Arsenal Real Estate Partners for $32 million in an off-market transaction that closed in December 2016.
Located at 3378 Greenbriar Parkway SW, the community is adjacent to Interstate 285, within walking distance of Greenbriar Mall. The 17.5-acre property is 11 miles southwest of downtown Atlanta and roughly 10 miles northwest of Hartsfield-Jackson Atlanta International Airport.
Landing Square comprises 10 three-story buildings developed in 2008. The unit mix encompasses one- to three-bedroom floorplans averaging 1,097 square feet. Amenities feature business center, clubhouse, fitness center, swimming pool and more than 600 parking spaces.
After the 2016 acquisition, CLP made extensive renovations to 153 of the 322 units, as well as to the common areas. Improvements included clubhouse and fitness center upgrades, as well as the addition of new landscaping, LED corridor lighting and signage. The property was 93.5 percent occupied as of October, per Yardi Matrix data.