COBB COUNTY, Ga. (June 14, 2019) – Castle Lanterra Properties (CLP), a New York-based, privately held real estate investment company, announced the acquisition of Premier Apartments, a 280-unit multifamily property in Austell, Georgia. For CLP, this acquisition expands the firm’s local multifamily portfolio to nearly 1,000 units, underscoring CLP’s strong belief in the future economic outlook of the Atlanta MSA and the value-add upside this region presents to investors.
Built in 1972, Premier Apartments is comprised of 280 one-, two- and three-bedroom apartments housed across 24 buildings on a 24-acre property. Residents of Premier Apartments enjoy a range of on-site amenities, including tennis courts, a community lake, a recently upgraded swimming pool, and playgrounds.
“CLP values intrinsic value when identifying new investment opportunities,” said CLP CEO Elie Rieder. “In addition to its prime location just outside of Atlanta – about 15 minutes from both Downtown Atlanta and the Platinum Triangle commercial hub – Premier Apartments presents us with a tremendous opportunity to elevate the standard of living for our residents while creating value through physical and operational enhancements.”
One of the most robust real estate markets in the country, Cobb County benefits from a growing population, which has skyrocketed by nearly 25 percent since 2000, and strong household incomes. The county is marked by limited rental supply and high development costs, making existing multifamily properties particularly stable assets. Overall, apartment occupancy in the Atlanta metro climbed from under 90 percent in 2011 to approximately 95 percent today.
The property is located in proximity to I-20, providing convenient access to the region’s major and secondary thoroughfares. It is also within blocks of Riverside Parkway, giving residents easy access to dining and retail options.
“One of CLP’s hallmarks is our nimbleness and our ability to move quickly and close transactions in an efficient timeframe, and that core capability was instrumental in completing this deal,” added Rieder. “In this case, we were able to move very quickly in reaching an agreement with the seller, enabling us to acquire the property at a very attractive basis. This is core to our risk-adjusted investment strategy.”
About Castle Lanterra Properties
Castle Lanterra Properties (CLP) is a privately held real estate investment company focused on the acquisition and management of quality income-producing multifamily properties within strategic growth markets of the United States. Central to the mission of CLP is the preservation of workforce housing communities. By leveraging its deep in-house operating platform, CLP aims to revitalize housing communities with modern, functional amenities, enhanced technology, and vibrant social programs that positively impact our residents. Through an investment model that has been curated over the course of three generations, CLP has built an extensive track record of delivering superior risk-adjusted returns for its investment partners. Today CLP owns and manages in excess of 7,000 apartments across 23 properties.Back To Press Releases