Castle Lanterra Properties Acquires Third Community in Austin
Austin, Texas—Castle Lanterra Properties (CLP) of New York has announced its third transaction in the Austin residential market. The company added 455 units with the acquisition of 1825 Apartments. The financial details of the deal were not disclosed.
“We are pleased to be expanding our presence in metropolitan Austin,” said CLP managing director, Austin Alexander, who recently relocated to the city to oversee the firm’s operations in the southern region. “The city continues to bring in a highly educated and upwardly mobile workforce attracted by both the high-quality lifestyle and economic opportunities the city has to offer. As a long term owner, we look forward to contributing to the continued growth of this market.”
Located at 15835 Foothill Farms Loop in Pflugerville, 1825 Apartments was named after the State Route 1825 that fronts the property. It consists of 60 buildings that were built in two phases—the 351-unit 1825 Place was completed in 2001 and the 104-unit 1825 Cottages was originally constructed in 1986. Community amenities include a fitness center, garages, clubhouse, covered parking, dog park, on-site storage, and resort-style swimming pool with a waterfall. Units feature 9-foot ceilings, crown molding, patio/balcony, built-in desks, garden tubs and extra storage on patio.
“The previous owner recently spent more than $2 million on capital improvements,” said Jim Brady, vice president of operations and property management. “In addition to renovating the clubhouse, the effort included new roofs and siding at Cottages, exterior repainting, the installation of solar panels, and unit improvements. Our business plan calls for the continuation of upgrades to the units, as well as additional property beautification, upgrading the amenities already in place, and other proposed enhancements.”
Castle Lanterra Properties entered the Austin market in 2015 with the acquisition of Stonegate; earlier this year the company purchased the 350-unit Villas Tech Ridge located within the master planned development of Tech Ridge.
Images courtesy of 1825 Apartments