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Castletop Capital, Trammell Crow Complete 373-Unit Multifamily Project in Austin

by Taylor Williams March 31, 2022

AUSTIN, TEXAS — A partnership between locally based investment and management firm Castletop Capital and Dallas-based developer Trammell Crow Co. has completed Korina at the Grove, a 373-unit apartment community in Austin. The property is situated within The Grove, a 450,000-square-foot mixed-use development in the central part of the city. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, business center, flex entertainment spaces, a dog park and a rooftop terrace. Dallas-based JHP Architecture served as the project architect, with interior design by Britt Design Group. Information on starting rents was not disclosed.

March 31, 2022

Acquisitions Multifamily Texas

Castle Lanterra Acquires 366-Unit Sovereign Twin Creeks Apartments in Metro Dallas

by Taylor Williams March 28, 2022

ALLEN, TEXAS — New York-based investment firm Castle Lanterra Properties has acquired Sovereign Twin Creeks, a 366-unit apartment community in the northeastern Dallas suburb of Allen. The property offers one-, two- and three-bedroom units that range in size from 786 to 1,416 square feet and are furnished with stainless steel appliances and granite countertops. Amenities include a pool with cabanas, fitness center with a yoga studio, Wi-Fi lounge with a coffee bar, outdoor grilling and dining areas and a conference room. Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. The seller was not disclosed.

March 28, 2022

Acquisitions Florida Multifamily Seniors Housing Southeast

Castle Lanterra Acquires 160-Unit Active Adult Community in Bonita Springs, Florida

by Julia Sanders March 24, 2022

BONITA SPRINGS, FLA. — Castle Lanterra has acquired Diamond Oaks Village, a 160-unit seniors housing community in Bonita Springs. Built in 2017 by the United Group of Cos., Diamond Oaks Village is an age-restricted residential community for households with members age 55 years or older. Cody Tremper and Mike Garbers of JLL represented the seller, The United Group of Cos. Inc., in the sale. In addition, Allison Holland of JLL worked on behalf of the buyer to secure a three-year, floating-rate loan through Square Mile Capital Management. The sales price and loan amount were not disclosed. The gated community offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies. Community amenities include a covered parking garage, fitness center, outdoor pool and spa, dog park, putting green and bistro, bar and a pub. Located with easy access to Highway 41 and Interstate 75, Diamond Oaks Village is close to the North Naples Hospital, NCH Bonita Emergency Room and Lee Health’s Coconut Point hospital complex.

March 24, 2022

Delaware Industrial Loans Northeast

IPA Arranges $138M Loan for Refinancing of Industrial Portfolio in New Castle, Delaware

by Taylor Williams March 7, 2022

NEW CASTLE, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $138 million loan for the refinancing of a portfolio of 14 industrial properties spanning 2.2 million square feet in New Castle. James Conley and Neil Campbell of IPA arranged the loan through Barclays and Citibank on behalf of the undisclosed borrower.

March 7, 2022

Acquisitions Multifamily Washington Western

Castle Lanterra Properties Divests of 108-Unit Lumen Apartment Complex in Everett, Washington

by Amy Works February 14, 2022

EVERETT, WASH. — New York-based Castle Lanterra Properties has completed the disposition of Lumen, a multifamily community in Everett. An undisclosed private investor acquired the asset for $36.7 million. Castle Lanterra originally purchased the property in 2018 for $22.6 million. The 108-unit property features fully equipped kitchens, upgraded cabinets/countertops, state-of-the-art appliances, washer/dryer connections and walk-in closets. Community amenities include a large rooftop deck, barbecue area, clubhouse, garage with ample parking and ground-floor retail space, which a Mexican restaurant currently occupies. Castle Lanterra completed interior renovations and unit upgrades, as well as an overhaul of the amenity space, which included adding a community room, expanding the fitness center and improving the rooftop deck.

February 14, 2022

Acquisitions Georgia Hospitality Southeast

New Castle Acquires Holiday Inn Hotel in Jekyll Island, Georgia for $41M

by Julia Sanders February 4, 2022

JEKYLL ISLAND, GA. — New Castle Hotels & Resorts, a Ridgefield, Conn.-based resort hotel owner and operator, has acquired the Holiday Inn Resort Jekyll Island, a 158-room hotel in Jekyll Island. Georgia Coast Holdings LLC and NorthPointe Hospitality sold the property for $41 million. Rich Lillis of Colliers represented the buyer in the transaction. The Holiday Inn Resort Jekyll Island is a full-service hotel situated on more than seven acres of oceanfront property, including a quarter-mile of beachfront. The hotel features oversized rooms and suites, as well as a playground and lawn area, fire pits and cabanas, kid programming and activities, bike rentals, fitness center, pool and a hot hub. Located at 701 N Beachview Drive, the hotel is located near Driftwood Beach and the Georgia Sea Turtle Center. The hotel also is situated near numerous bike trails and 18 miles from Saint Simons Island.

February 4, 2022

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 378-Unit Self-Storage Facility in Greencastle, Pennsylvania

by Taylor Williams January 6, 2022

GREENCASTLE, PA. — Marcus & Millichap has brokered the sale of A-1 Greencastle Self Storage, a 378-unit facility located in Franklin County in the southern part of the state. The facility consists of 71,426 net rentable square feet across 365 non-climate-controlled units, 10 climate-controlled units and three commercial spaces. The property also features 17 parking spaces. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.

January 6, 2022

Acquisitions Illinois Midwest Retail

Newcastle Properties Buys 42,452 SF Orchard Plaza Retail Center in Skokie, Illinois

by Kristin Harlow December 2, 2021

SKOKIE, ILL. — Newcastle Properties has purchased Orchard Plaza in Skokie for an undisclosed price. This is the first time the 42,452-square-foot retail center has sold in over 60 years. Located near Old Orchard Mall at the corner of Skokie Boulevard and Gross Point Road, the property is home to tenants such as Bonefish Grill, Men’s Wearhouse, Advance Auto and the U.S. Post Office. Beth Sansiper and Jeff Gurian of Becker Gurian represented Newcastle Properties in the transaction. Drew Trammell of Newcastle Properties managed the underwriting and closing. The seller was not provided.

December 2, 2021

Acquisitions Multifamily Texas

Castle Lanterra Buys 255-Unit Broadstone McKinney Apartments in Metro Dallas

by Taylor Williams November 3, 2021

MCKINNEY, TEXAS — New York-based investment firm Castle Lanterra Properties has purchased Broadstone McKinney, a 255-unit multifamily community located on the northern outskirts of Dallas. Units at the newly constructed property feature stainless steel appliances, granite countertops, custom cabinetry and full-size washers and dryers. Amenities include a pool, fitness center, business center, outdoor kitchen, dog park and package lockers. Arizona-based developer Alliance Residential sold the property to Castle Lanterra for an undisclosed price.

November 3, 2021

Acquisitions Multifamily New York Northeast

Castle Lanterra Acquires Two Long Island Multifamily Properties Totaling 315 Units

by Taylor Williams October 29, 2021

HEMPSTEAD AND WEST HEMPSTEAD, N.Y. — New York-based investment firm Castle Lanterra Properties has acquired two multifamily properties totaling 315 units in the Long Island communities of Hempstead and West Hempstead for $136 million. Mill Creek Residential originally developed the communities in 2012. Units at both properties feature stainless steel appliances, breakfast bars, individual washers and dryers and private balconies/patios. In addition, both offer amenities such as pools, clubhouses with lounges, business centers, courtyards with fire pits and private storage spaces. USB Realty Investors sold the assets to Castle Lanterra for an undisclosed price. Jose Cruz, Steve Simonelli, Andrew Scandalios, Jeffrey Julien, Michael Oliver and Kevin O’Hearn of JLL brokered the deal.

October 29, 2021

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