CASTLE LANTERRA PROPERTIES ENTERS ALABAMA MARKETPLACE WITH ACQUISITION OF 304-UNIT APARTMENT COMMUNITY
Property is Situated off of Skyland Boulevard in Tuscaloosa
TUSCALOOSA, AL, Nov. 3, 2015 – Castle Lanterra Properties (CLP) has completed the acquisition of the Heights at Skyland, a 304-unit apartment community situated off of Skyland Boulevard in Tuscaloosa. 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 prior owner spent a lot of money upgrading the amenities and improving the overall quality of the property. We plan to build on this and bring superior finishes to the unit interiors,” added Rieder. “We plan to offer class-A finishes including stainless steel appliances and granite countertops, but at a much more affordable price point than what one can find elsewhere in the market.”
The Heights at Skyland is conveniently located near I-20/I-59, less than 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.”
Castle Lanterra Properties specializes in identifying investment opportunities in multi-family properties. Founded 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 two years, Castle Lanterra Properties has acquired $500 million of assets including over 3,000 residential units.