National Real Estate Investment Firm Expanded Acquisitions and Asset Management Teams
Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, continued its strong acquisition pace in 2020 despite the challenges caused by the global pandemic. In addition to its new multifamily acquisitions the firm also added several key investment, asset management, and business development executives.
In 2020, CLP acquired multifamily assets totaling nearly 1,000 units for just under $200 million. Among the most noteworthy acquisitions was the residential portion of The Triangle, a Class A, 529-unit rental community with retail and office components at 4600 West Guadalupe Street in the heart of downtown Austin, TX. The Triangle acquisition was recognized as one the five largest apartment transactions in Q3 2020.
“We continued our overall strategy of acquiring and repositioning multifamily properties in strong suburban markets despite the many challenges that we faced in 2020,” noted Elie Rieder, founder of CLP. “Moving forward, we will build on this acquisition growth strategy while maintaining a conservative approach to operations through 2022 due to continued pressure on markets from Covid-19.”
In addition to the firm’s acquisitions, CLP was extremely active throughout the year completing several community initiatives, hiring at the executive level and garnering several awards including the “Top 40 Multifamily Property Owners of 2020,” by a leading industry publication. Among the new executives who joined the firm in 2020 were Javier Vergara as Director of Business Development; Dylan Ederer as Vice President of Acquisitions; Lazer Muller and Sherry Daughtery as Asset Managers; and Laura Rodriguez as Chief of Staff.
CLP also awarded four scholarships to residents at several of its properties across the country. The respected multifamily owner established the scholarship program four years ago to assist active residents and their children who enroll in an accredited two- or four-year college, university or vocational-technical school for the upcoming school year. Through its scholarship program, CLP has awarded residents with scholarships totaling more than $31,000.
