Castle Lanterra Properties Boosts Austin Holdings with 1825 Apts. Buy in Pflugerville
Suffern, NY-based Castle Lanterra Properties (CLP) secured its third investment in Austin with the privately-held real estate investment firm’s purchase of the 455-unit 1825 Apts. in Pflugerville, TX from The Royal Trust. Terms of the deal were not disclosed.
Built in two phases, the 351-unit 1825 Place and 104-unit 1825 Cottages delivered in 2001 and 1986, respectively, along State Route 1825 in the Outer Pflugerville Multifamily submarket.
The 60-building community incorporates studio, one-, two- and three-bedroom floor plans with on-site amenities that include a pool with waterfall, fitness center, business center with Wi-Fi, playground and pet park, car ports attached and detached garages and a clubhouse.
CLP will build on capital improvements made by the previous owner, which invested $2 million in upgrades to the clubhouse, facade, unit interiors, roofs and sidings at the Cottages, and the installation of solar panels.
CLP entered the Austin market in 2015 with its acquisition of the 452-unit Stonegate apartment complex located on I-35 in south Austin. The company picked up its second Austin investment earlier this year with the purchase of the 350-unit Villas Tech Ridge community located within the master-planned Tech Ridge development.
For more information on CLP’s acquisition of 1825 Apts., please see CoStar Comp #3612556.