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Castle Lanterra Properties Buys 224-Unit Multifamily Property in New Jersey for $56M

by Amy Works March 24, 2016

RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.

March 24, 2016

Multifamily Texas

Castle Lanterra Purchases 350-Unit Apartment Community in Austin

by Haisten Willis February 18, 2016

AUSTIN, TEXAS — Castle Lanterra Properties (CLP) has acquired Villas Tech Ridge, a 350-unit apartment community in Austin. CLP’s managing director Austin Alexander has relocated to Austin to oversee the company’s operations in the market. Villas Tech Ridge is located just off I-35 and offers a mix of one-, two- and three-bedroom units. Built in 2008, the property was developed as part of the Austin Energy Green Builder Program, an environmentally driven program that requires special consideration for “green” and energy-saving opportunities. Units include open floor plans with nine-foot or vaulted ceilings along with granite countertops, mahogany cabinets, ceramic tile and vinyl plank flooring. The property features a pool with cabana, clubhouse, fitness center and pet park.

February 18, 2016

Multifamily New Jersey Northeast

Castle Lanterra Properties Buys New Jersey Apartment Property for $147.5M

by Jaime Lackey October 27, 2015

BAYONNE, N.J. — Castle Lanterra Properties (CLP) has purchased Alexan CityView, a 544-unit apartment community situated on 7.4 acres along the waterfront in Bayonne for $147.5 million from a joint venture between an investment fund and a large property manager. Jones Lang LaSalle arranged the transaction. The new owner will rename the property Harbor Pointe and plans property upgrades, including updates to the clubhouse and an expansion of the gym. The LEED Silver-certified property, which was built in 2010, features a 9,000-square-foot clubhouse, fitness studio, indoor basketball half-court, children’s playroom, a resort-style saltwater pool, and a seven-story parking garage. It was at 91 percent occupancy at the time of sale.

October 27, 2015

Illinois Midwest Multifamily

Castle Lanterra Properties to Rebrand Chicago Apartment Community

by Amy Works August 31, 2015

CHICAGO — New York City-based Castle Lanterra Properties (CLP) is renovating and rebranding a 424-unit apartment community in southwest Chicago. CLP has a $3 million upgrade and renovation program planned for the eight-building property, which has been renamed Midpointe Apartments. Upgrades include addressing deferred maintenance, roof replacement, new elevators and renovations to the property’s amenities, as well as individual unit renovations. Additionally, CLP has replaced lighting throughout the property with energy-efficient LED lighting. CLP acquired the property, formerly known as Southgate Apartments, in 2014.

August 31, 2015

Retail Texas

New Tenants Sign on at Castle Hills Village Shops in Metro Dallas

by Haisten Willis August 7, 2015

LEWISVILLE, TEXAS — New tenants have signed on at Castle Hills Village Shops, part of the master-planned Castle Hills community in Lewisville. FroYo Smoo-licious recently opened a 1,026-square-foot store in the Village Shops. Long-time tenant Umi Umi sushi restaurant has moved to a larger space within the shops, adding a hibachi grill to the menu. Re-opening as Kanzi Sushi & Hibachi, the new 2,561-square-foot space added 1,200 square feet to the restaurant, plus a porch for outdoor dining that overlooks Lake Avalon. Kerry Assa of Bright Realty represented the landlord, Bright Realty, in both transactions. Kevin Park, of Coldwell Banker, represented Kanzi Sushi & Hibachi in its upgrade. Sean Conner, who opened PI.E 3.14 Everyday Eatery pizza kitchen in Castle Hills, is opening a second restaurant in the Village Shops. T.B.D. Kitchen is a chef-driven taco concept with craft cocktails that will occupy 1,779 square feet. Conner’s PI.E 3.14, with local chef Brent Hammer, also added more than 200 square feet to its space at the shops. Hammer will also oversee the menu at T.B.D. Kitchen. Assa represented the landlord in these transactions. Al Panigua with Swearingen Realty Group represented the tenant.

August 7, 2015

California Industrial Western

Castle rock Acquires Chula Vista Industrial Park for $6.7M

by Nellie Day August 7, 2015

CHULA VISTA, CALIF. — Castlerock Investments has purchased a 43,395-square-foot industrial park in Chula Vista for $6.7 million The park is located at 871 Harold Place in the San Diego submarket. Tracy Clark and Kimberly Clark of Voit Real Estate Services’ San Diego office represented the seller, Seymour/Lewis Development.

August 7, 2015

Multifamily Northeast Pennsylvania

Castle Rock Equity Acquires Philadelphia’s ICON Building for $112M

by Amy Works August 6, 2015

PHILADELPHIA — Castle Rock Equity has acquired the ICON Building at 1616 Walnut St. in Philadelphia’s City Center district. The company purchased the 25-story art deco tower for $112 million. The previous owners, a partnership between Federal Capital Partners, Cross Properties and Alterra Property Group, completed a $60 million transformation to the building in 2014, converting it from office to residential use. Constructed in 1929, the 206-unit apartment building features a rooftop terrace, wellness center, club level, electric car charging stations, car and bike share programs, and a pet grooming station, among other on-site amenities. Castle Rock Equity Group worked with Divvone Equity Group to close the transaction.

August 6, 2015

Multifamily New York Northeast

Stellar Management, CAMBA Housing Ventures Acquire Castleton Park on Staten Island

by Amy Works July 24, 2015

NEW YORK CITY — Stellar Management and CAMBA Housing Ventures has acquired Castleton Park, an affordable multifamily property located in St. George on Staten Island for an undisclosed sum. With the backing of NYC Housing Development Corp. tax-exempt bonds, the owner plans to launch a $30 million renovation and rehabilitation project for the 40-year-old development, which features 454 apartment units. In collaboration with the NYC Housing Development Corp., NYC Department of Housing Preservation and Development and the U.S. Department of Housing and Urban Development, the development team will be able to maintain long-term affordability for tenants at the property. Construction work is scheduled to begin in August and includes the rehabilitation of the building façade, parking area, elevators and mechanicals, as well as renovations to common areas and each unit’s bathroom and kitchen. The renovation is scheduled to last two years.

July 24, 2015

Multifamily Texas

Castle Lanterra Properties Acquires 452-unit Apartment Complex in Austin

by Haisten Willis March 31, 2015

AUSTIN, TEXAS — Castle Lanterra Properties has acquired Stonegate Apartments, a 452-unit, class A property in Austin. An institutional ownership group was the seller. The property was built in 2003 and is located just off I-35. Stonegate consists of 24 two- and three-story buildings in a variety of floor plans. Amenities include a clubhouse with a leasing office, business center, fitness center and recreation room. The property also features two swimming pools and barbeque grilling stations. Planned unit upgrades will include new lighting and plumbing fixtures, stainless steel appliances and wood vinyl plank flooring. Castle Lanterra Properties acquires, improves, repositions and manages a portfolio of multifamily properties.

March 31, 2015

Delaware Market Reports Northeast Northeast Market Reports Office

Several Office Redevelopment Projects Underway in New Castle County

by Jaime Lackey February 25, 2015

The New Castle County office market includes roughly 16 million square feet of total inventory with nearly 3 million square feet of that vacant. Vacancy in Class A space has improved somewhat as tenants take advantage of market conditions but these moves have not had much impact on overall vacancy rate. Jackson Cross Partners reports 2014 absorption of 80,000 square feet; although positive, this indicates we have years of recovery before a healthy overall vacancy rate is reached. We are seeing a number of projects that will have some impact on reducing inventory and improving vacancy rates as marginal office space is redeveloped for various non-office uses. These projects include: • A group of local investors purchased 1001 Jefferson Street in the city of Wilmington, which contains 170,000 square feet of office space on approximately 1.4 acres in May 2014, following a failed auction process. The building was recently demolished and the site is now being improved for surface parking, at least temporarily. Although a new office project is not being ruled out down the road, the site is being marketed for other uses, including residential and retail. • 1300 Market Street, also in the City of Wilmington, containing 62,000 …

February 25, 2015

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