Castle Lanterra sells multifamily property for $85M

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New York-based Castle Lanterra
Properties (CLP) has sold its Stratus Townhomes in Denver, CO to Klingbeil
Capital Management for $85 million. 

Acquired by CLP in November 2017, Stratus Townhomes is a 36-building, 280-unit townhome community. The community consists of 140 two-bedroom units and 140 three-bedroom, tri-level homes with private entrances.

ELIE RIEDER

“Although we believe there remains tremendous upside at this
outstanding property, CLP far exceeded our 10-year IRR projections for Stratus
Townhomes in less than four years,” said Elie Rieder, founder and CEO of CLP. “Our
relationship with Klingbeil Capital goes back many years and we believe they
will continue to add value to this unique asset.”

Following
its acquisition of the residential community, CLP invested in a number of major
capital improvements and a modernization.

The
property features an array of amenities including an updated clubhouse, Wi-Fi
Café, lounge area and fireplace, swimming pool, barbeque
grills, large dog park, and new parking lot and playground. The town homes are
equipped with private entrances and full basements in each unit, full-size
washer and dryer connections, gas heating, air conditioning, all electric
kitchens and extra storage.

The
two firms have a long and successful relationship. CLP acquired the Misty Ridge
Apartments community in Woodbridge, VA from Klingbeil in 2013 and after the
implementation of a successful value add strategy, CLP exited the property in
2019.

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