CASTLE LANTERRA PROPERTIES ACQUIRES MARYLAND MULTIFAMILY FOR $105 MILLION
Major Improvements Planned for 608-unit Watergate Village in the Heart of Annapolis
ANNAPOLIS, MD., March 12, 2015 – Castle Lanterra Properties (CLP), a privately-held real estate firm, has acquired Watergate Village, a 608-unit multi-family property in Annapolis, for $105 million, announced Elie Rieder, founder of the New York-based firm. The seller was Columbia Realty Venture LLC of Annapolis.
“This is an outstanding property with significant upside potential,” said Rieder, whose firm is known for its expertise in value-add real estate investments. “The waterfront property is situated in a park-like setting on a 31-acre peninsula with panoramic water views, and with our focus on maximizing the potential of residential properties, Watergate Village is an excellent addition to our growing portfolio.”
The complex consists of twenty residential buildings and features water views. Amenities include a two-story waterfront clubhouse built in 2004 and a 162-slip marina.
“CLP’s plan includes renovating a 45-unit building that has lain dormant since it was damaged by fire two years ago,” said Neil Rackoff, a partner at CLP. “We plan to invest more than $12 million in capital improvements in the property, restoring and updating the units with modern finishes, and enhancing the common areas. This will be good for both the property and the overall Annapolis community.”
“The marina is a very special component of this complex,” Rieder added. “It features boat docks as well as a fishing and crabbing dock. As part of our property improvements, we are also planning to work with St. Luke’s Episcopal Church, which is adjacent to our property, and the Maryland Department of Natural Resources on a new drainage project that will both enhance the marina and help restore the Chesapeake Bay.”
Watergate Village is situated within walking distance of downtown Annapolis, Maryland’s state capital and home to the U.S. Naval Academy. It is close to a wide range of retail, recreational, cultural and dining amenities as well as public transportation, and the site is equidistant from Baltimore to the north and Washington, D.C. to the west.
Castle Lanterra Properties specializes in identifying investment opportunities in multi-family properties. Founded and operated by Elie Rieder, the firm acquires, improves, repositions and manages a portfolio of properties across the Northeast, Mid-Atlantic and Southern U.S., with a proven track record of creating above-market returns for investors. In the past twelve months, Castle Lanterra Properties has acquired $290 million of assets including over 1,900 residential units.