CASTLE LANTERRA PROPERTIES’ WATERGATE POINTE, MD RECEIVES REAL ESTATE FINANCE & INVESTMENT’S 2016 “ACQUISITION OF THE YEAR” AWARD
Recognized as Top Acquisition Valued Over $100M in 2015
NEW YORK, NY, February 29, 2016 – Real Estate Finance and Investment (REFI) announced that Castle Lanterra Properties (CLP), a privately-held New York-based real estate owner/operator, has been awarded 2015’s “Acquisition of the Year.”
The award, which was presented on Tuesday, February 23 at REFI’s annual awards luncheon, recognized the top acquisition in 2015 valued at over $100 million. Criteria for selection included timeliness of execution, creativity in structuring financing solutions, as well as the economic significance of the deal, particularly in instances where the property is notable for one sector or market.
In February 2015, Castle Lanterra acquired Watergate Pointe (formerly Watergate Village) in Maryland for $105 million, resulting in this year’s REFI honor. Located within walking distance of historic Annapolis, the 608-unit property is set on 31 park-like acres and features a 163-slip marina and panoramic waterfront views. It is the only apartment property in its submarket with water frontage.
“Watergate Pointe is one of the most unique properties we’ve ever worked with on a variety of levels,” said CLP founder and CEO Elie Rieder. “I am honored to have been selected from such an esteemed and well-respected group of nominees. We overcame a wide variety of challenges in executing this transaction. This award exemplifies the hard work and fortitude of the entire Castle Lanterra team when it comes to navigating even the most complicated transactions and achieving optimal results. The undeniable talent here, from front to back, is what drove this deal and took us over the finish line.
I am most indebted to my wonderful wife Rachel, whose tireless devotion and support has made it possible for me to build Castle Lanterra Properties into the organization it is today.”
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, Midwest, Mid-Atlantic and Southern U.S., with a proven track record of achieving attractive risk-adjusted returns for investors. Since its inception in 2009, Castle Lanterra Properties has acquired $900 million of assets comprised in excess of over 4,500 residential units.