Castle Lanterra Properties completes acquisition of Heights at Skyland
Tuscaloosa, AL Castle Lanterra Properties (CLP) has completed the acquisition of the Heights at Skyland. The 304-unit apartment community situated off of Skyland Blvd. Multi Housing Advisors arranged the transaction.
“This is a value-add opportunity in a stable and growing market that needs high quality affordable housing,” said Elie Rieder, owner of CLP. “We like our cost basis and believe that there is a great opportunity to restore and renovate units to a level that is similar to what is available at new construction properties in Tuscaloosa.”
The property features a variety of amenities, including a large, recently renovated clubroom, swimming pool, volleyball court, business center, fitness center, three tennis courts, and playground.
The Heights at Skyland is located near I-20/I-59, 15 minutes from the University of Alabama and 20 minutes from the Mercedes plant in Tuscaloosa County.
Mercedes has been increasing its presence in the state, announcing in September a $1.3 billion expansion at its plant in Tuscaloosa County on top of a $2.4 billion investment from 2010-2015.
“Alabama has been on a roll lately, and I don’t just mean the football team,” said Austin Alexander, managing director. “The University of Alabama continues to grow, and Mercedes and related suppliers are bringing more jobs and higher wages to the Tuscaloosa area. Additionally, a planned $75 million redevelopment of the former McFarland Mall down the street from this property will provide a great amenity for our residents when it is completed next year.”