300 Riverside Apartments is located in Cobb County, GA in the Atlanta metro. Castle Lanterra has a strong local market presence, owning multiple properties totaling 942 units in the area (more than 1,000 units inclusive of this property). We recently closed on Premier Apartments, which is less than 0.5 miles away, allowing potential operating synergies and staff sharing. The property is situated close to major highways leading to Downtown Atlanta and the Platinum Triangle. Walmart, Home Depot, and other large retailers are within 2 miles from the property. Cobb County is one of the most robust real estate markets in Georgia, benefiting from high population density and strong household income. The benefits of low property taxes, low occupational business taxes, and convenient services make the county a major center for commerce. Additionally, the county boasts one of the strongest school districts in the state. Multifamily development faces strong opposition by both homeowners and the Cobb County Planning & Zoning Department, creating a barrier for new apartment construction in this submarket. A local government program to purchase and demolish older apartments has removed more than 2,000 units in this area. Increases in land, labor and materials costs have pushed new construction prices up to $180,000/unit, ensuring that this property will be insulated from new construction.
Misty Ridge Apartments is a 409-unit apartment community comprised of 25 two-story buildings located in Woodbridge, VA. The property is located in Prince William county which has distinguished itself as a premier business destination and taken on a new role as a thriving science and technology hub throughout CLP’s ownership period.
Prince William’s county, Virginia’s second largest county, has grown consistently and continues to diversify, significantly outpacing Washington DC in job growth from 2010-2016 and boasting a median income of nearly $100,000 and an unemployment rate of just 2.7% as of February 2019.
CLP successfully closed on the sale of Misty Ridge Apartments in July 2019.
In October 2015, CLP purchased The Heights at Skyland, a 304-unit workforce housing complex located in the regional center of commerce, healthcare, and education of western Alabama. Tuscaloosa is home to the University of Alabama, one of the top universities in the state, with a total enrollment at the time of over 36,000 students.
In addition to the University of Alabama, notable employers in the area include the DCH Regional Medical Center and Mercedes- Benz. DCH is the primary medical center in the area and employs 3,500. Mercedes began production in Tuscaloosa County in 1997 and is completing a $2.4 billion expansion program that added approximately 1,400 direct jobs and an estimated 10,000 support jobs to the local economy.
CLP successfully sold The Heights at Skyland in February 2019.
Acquired in June 2019, Overlook at Stonemill is a 216-unit garden-style community located in Lynchburg, VA. The property is comprised of one-, two-, and three-bedroom units featuring 9-foot ceilings, fireplaces, oversized walk-in closets, washers/dryers in every unit, and balconies. Community features include a resident clubhouse, a resort style swimming pool, a 24-hour fitness center, an outdoor pavilion with grilling stations, and a children’s playground.
Overlook at Stonemill is situated within easy driving distance to employment centers, retail, schools, and restaurants. Complete plans and approvals are in place for the future development and all utilities have been brought to the site.
Lynchburg is rapidly growing as Central Virginia’s urban center for commerce and culture. Forbes Magazine named Lynchburg one of the “Top 50 Best Places for Business and Careers” with a diverse employment base including health care, retail trade, and education. Lynchburg’s diverse higher education system includes Liberty University, Central Virginia Community College, Randolph College and the University of Lynchburg. Liberty University and its auxiliary enterprises generate over $1 billion in annual economic activity and employ 6,800 people.
Acquired in October 2018, Meridian Obici is a 224-unit, Class-A property located in Suffolk, VA. The property features one, two and three-bedroom apartments ranging from 718 square feet to 1,432 square feet. Units have nine-foot ceilings with high-end design features, including pass-through kitchens that include state of the art appliances, balconies, lighted ceiling fans, and fire suppression systems; satellite television and high-speed internet are included with the rent, as well. Community amenities include a saltwater swimming pool with poolside cabanas, an outdoor kitchen, and a sundeck. The resident clubhouse features a 24-hour fitness center, a multimedia theater with billiards, a game room, and a business center. Other amenities include a car care center and a dog park.
Located on Suffolk’s historic Main Street and in one of the fastest growing cities in Virginia’s Hampton Roads metropolitan region, residents enjoy ease of access to diversified employment base that is continuing to grow rapidly. The quality of the labor force and access to major transportation infrastructure has contributed to business growth and, subsequently, population growth. Meridian residents have access to some of the largest employers in the market, including the Naval Station and Portsmouth Marine Terminal, Sentara Obici Hospital, Target, Sysco, Kraft, Unilever, GEICO and more. In recent years, Suffolk has also become the Caffeine King of the Country with its easy access to the Port of Virginia, one of only two ports on the East Coast certified to exchange coffee imports. Peet’s Coffee, Keurig, J.M. Smucker, Massimo Zanetti Beverage and Lipton have all opened operations in Suffolk.
In a study done for Time magazine in 2017, the Urban Land Institute researched more than 50 urban areas to see which region saw the greatest uptick in millennial residents (ages 24 to 34). Hampton Roads/Suffolk MSA topped the list with 16.4 percent growth. The region also saw a 12.8 percent population change in suburban growth, according to the study.
Loftin Place is a newly constructed, 259-unit Class “AAA” community located in downtown West Palm Beach, Florida. Completed in late 2015, the eight-story property features market-leading amenities including a rooftop tennis court, jogging track, gazebo, lounge and landscaped sundeck; resort-style pool with lap lanes; state-of-the-art fitness center and yoga studio; outdoor billiard table and BBQ area; conference center and resident catering kitchen; and garage with remote access. Studio, one-, and two-bedroom units feature nine-foot ceilings and high-end finishes including quartz countertops, European-style kitchens, stainless steel appliances, frameless shower enclosures and private patios and balconies. The property was built with energy efficiency in mind, and includes LED lighting and Energy Star appliances throughout. Tenant incentives to encourage the eco-friendly use of bicycles include ample storage and a free onsite repair shop.
Loftin Place is centrally located in a highly desirable community that offers residents a vast array of amenities, many within walking distance. Premier shopping, dining and entertainment destinations including Clematis Street, CityPlace and Waterfront Commons are just minutes away, as are the region’s pristine sand beaches. Nearby medical facilities include Good Samaritan Medical Center, JFK Medical Center’s North Campus and Lake Worth locations, and St. Mary’s Medical Center/Palm Beach Children’s Hospital. The community also is situated near several of the region’s major transportation arteries, including U.S. Route 1 and Interstate 95, and is adjacent to the free Downtown Trolley line, which provides access to Clematis Street, CityPlace, Kravis Center, the waterfront and the Tri-Rail station.
The West Palm Beach MSA has experienced 4.1 percent job growth annually for the past two years, with 2.6 percent annual job growth projected through 2019. More than 11,500 jobs were added in 2016, primarily in the areas of financial services, business and professional services, education and health.