CASTLE LANTERRA PROPERTIES INCREASES PRESENCE IN AUSTIN, TX WITH PURCHASE OF 350-UNIT APARTMENT COMMUNITY
Villas Tech Ridge Apartments Lies in the Capital City’s Booming Tech Hub
AUSTIN, Tex., Feb. 17, 2016 – Today Castle Lanterra Properties (CLP) has acquired Villas Tech Ridge, a 350-unit luxury apartment community in Austin, announced Elie Rieder, founder and CEO of the New York-based firm.
“This is a very special asset – class A in every sense,” said Rieder. “Our due diligence found the property to be impeccably maintained by the previous ownership. Our strategy going forward includes modest capital improvements, including light renovations to the apartments as they turn over and upgrades to the property’s impressive list of amenities.”
The latest acquisition marks CLP’s increasing presence in Texas’ capital city. In 2015, the firm entered this growing market with the purchase of Stonegate, a 452-unit apartment community situated near downtown Austin. CLP Managing Director Austin Alexander has subsequently relocated to Austin to oversee CLP’s operations in this market and also identify new investment opportunities in the southern region.
“This is a tremendous asset in a well-diversified growth market,” said Alexander. “The technology sector is booming and this property is located in the epicenter of that dynamic growth. Demand is strong for Class-A multifamily product in this market, with all of the in-migration that Austin has been enjoying for the past several years. Based on our market research, there are only two new multifamily projects in this submarket, totaling 611 units, expected to be delivered through 2017. We expect to see constraints on supply and increased demand for multifamily housing as thousands of new residents continue to move into this neighborhood over the next several years.”
Austin is now the 11th largest city in the U.S. with a population of one million within city limits and two million in the metropolitan area. Within a half-mile of the property, substantial new office development is underway, including 650,000 square feet of space being delivered in 2016.
Villas Tech Ridge, located just off I-35, offers a mix of one-, two- and three-bedroom units. “This is one of the few properties that is designed for a wide range of residents, from individuals to growing families; it is the only community in the immediate area offering three bedroom floorplans,” said Rieder.
Built in 2008, Villas Tech Ridge was developed as part of the Austin Energy Green Builder Program, an environmentally-driven program that requires special consideration for “green” and energy-saving opportunities.
Units include open floor plans with nine-foot or vaulted ceilings and offer high-end finishes, including granite countertops, mahogany cabinets, ceramic tile, and vinyl plank flooring. The property features a resort-style pool with a large cabana, complemented by a clubhouse, fitness center and pet park. The location enjoys high visibility, nearby retail, easy access to highways and transportation, and is situated within the highly-regarded Pflugerville School District.