Suffern-Based Investment Firm Acquired Nearly 2,600 Multifamily Units in 2016
Real Estate In-Depth | February 14, 2017
SUFFERN—Eight major acquisitions, strong performances across the existing portfolio and continued corporate expansion highlighted a record-setting year for Castle Lanterra Properties (CLP) in 2016, the company reported on Feb. 2.
The Suffern-based, privately-owned real estate company acquired multifamily residential properties totaling 2,594 units at a combined purchase price of $382 million. The year also marked CLP’s entry into three new markets: Corpus Christi, TX, Atlanta, GA and Denver, CO
“We will continue to build on the strong results produced by our dedicated team,” said Elie Rieder, founder and CEO of the firm. “While primary markets have shown their ability to provide steady long-term growth, we expect to capitalize on investments in select secondary and tertiary markets, and specific submarkets where economic momentum is raising apartment performance and enhancing the appeal of assets to investors seeking higher in-place yields or shorter investment horizons.”
In 2016 the company went on an acquisition push, opening up new markets as well as expanding others. Transactions included CLP’s second, third and fourth complexes in Austin, TX; its first and second properties in Corpus Christi, TX; its second acquisition in New Jersey; and its first in Atlanta and Denver respectively.