Castle Lanterra Properties expands ownership in Austin
New York-based Castle Lanterra Properties (CLP) is rapidly expanding in the Austin metro, announcing the fourth acquisition to the firm’s residential holdings in the Texas capital on August 31.
Arrangement in the East Riverside corridor is a recently renovated apartment building containing 370 units. The residential property was built in 1973 and extensively renovated in 2013 for $10 million.
Contemporary comforts, including two dog parks, pools, a full fitness center and resident lounge, were incorporated just a few years ago to appeal to the growing Austin renter demographic.
The property appeals to Austin’s large young population, with splashes of color and sleek, modern lines in the building’s design. More than 90 percent of the units were gutted during the extensive renovations, says Castle Lanterra, which plans to refurbish the final 10 percent of units when they become vacant.