COBB COUNTY, Ga. (Sept. 5, 2019) – Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, has announced the off-market acquisition of a 220-unit apartment community located at 300 Riverside Parkway in Austell, Georgia. Coming on the heels of CLP’s acquisition of a neighboring apartment community earlier this year, this transaction expands the firm’s local multifamily portfolio to more than 1,100 units, further demonstrating CLP’s confidence in the economic vitality of the Atlanta market.
Constructed in 1987 and renovated in 2017, the property features a wide range of amenities, including a fully appointed clubhouse, a pool, two lighted tennis courts, a fitness center and a wide range of community activities. The property’s 220 residences include one-, two- and three-bedroom apartments arrayed across 18 three-story buildings, with each apartment offering spacious floor plans, frost-free refrigerators, screened porches/sunrooms and dishwashers.
CLP’s plans for the property include addressing all deferred maintenance and implementing water- and energy-efficiency upgrades to reduce costs and improve sustainability. The property’s proximity to 280-unit Premier Apartments, which CLP acquired earlier this year, will allow the firm to benefit from operational and personnel efficiencies to reduce expenses.
Located in Cobb County, one of metro Atlanta’s most vibrant suburban counties, 300 Riverside is just 15 minutes away from the major employment centers of Downtown Atlanta and the Platinum Triangle. With Cobb County and other western suburbs attracting much of the metro’s commercial growth, the property is positioned to benefit from an influx of local jobs being created by Amazon, StitchFix, UPS and other employers.
“With thousands of jobs coming online in the region, Austell is poised to continue its ascendancy, and we expect to see a significant uptick in rental demand in the coming years,” said CLP CEO Elie Rieder. “While 300 Riverside has a fairly low vacancy rate, we anticipate pushing up the property’s occupancy as well as exploring additional avenues to create value. This upside and our favorable acquisition basis make the property a very attractive investment that will provide long-term controlled growth to CLP.”
In addition to its thriving business environment, Cobb County benefits from strong household incomes and a growing population, which has skyrocketed by nearly 25 percent since 2000. 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 previous ownership group was looking to divest of its Atlanta holdings, and they wanted to close a quick off-market deal without a protracted marketing process,” said Rieder. “We had purchased several properties from the sellers in the past, and they recognized that we were nimble enough to underwrite the property in a very short timeframe and provide them with certainty of closing. CLP’s acquisition team has extensive experience spearheading similar off-market deals with tight timelines, and after a short negotiation period, we were able to provide the sellers with a quick close.”
Ranked by the U.S. Census Bureau as the most educated county in Georgia, Cobb County boasts one of the state’s most successful school systems as well as Kennesaw State University. The county is also home to a host of cultural and entertainment venues, including the SunTrust Park mixed-use complex, two Six Flags amusement parks and the Cobb Energy Performing Arts Centre.
300 Riverside 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 a wide range of dining and retail options.
About Castle Lanterra Properties
Formed in 2009, 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 throughout the United States. Through a rigorous value-enhancement program that includes thoughtful renovations, operational improvements and ancillary income development, CLP aims to reposition each asset with the goal of maximizing NOI, elevating its competitive position within the market, and providing attractive risk-adjusted returns for its investment partners. CLP currently owns and manages over 7,000 units across 23 properties throughout the United States.Back To Press Releases