Real estate investment firm Castle Lanterra Properties has acquired a 284-unit Springs at Corpus Christi, a Texas-based apartment community. No financial terms were disclosed.
CORPUS CHRISTI, Tex., Nov. 30, 2016 – Castle Lanterra Properties (CLP) has taken another major step to raise its profile in the Texas multifamily market by acquiring the 284-unit Springs at Corpus Christi. Located at 5702 Timbergate Drive in the city’s prominent South Side region, this is the firm’s second acquisition in the city and its sixth in the state.
Constructed in 2014, Springs at Corpus Christi represents an expansion of CLP’s traditional value-add strategy to upgrade and reposition underperforming properties. The class A asset is a best-in-class apartment community with stabilized occupancy.
“CLP has an established track record of creating value through large-scale improvements and institutional-style management,” said Elie Rieder, founder and CEO. “Springs at Corpus Christi is a marquis property in South Texas that represents a turn-key, institutional-grade investment opportunity for our portfolio. CLP is very familiar with the strength of this market and wanted to diversify our portfolio with one of the city’s top multi-family properties.”
CLP acquired San Marin in Corpus Christi in July. The 220-unit apartment community was the company’s first acquisition in Texas outside of the Austin market, where it owns four properties totaling 1,627 apartment units. In total, CLP now owns and operates 2,131 units in the state.
Springs at Corpus Christi features extensive landscaping, townhouse-style private entrances and first-class amenities including a resort-style swimming pool, 24-hour state-of-the-art fitness center, dog park, and complimentary car care area. The community has 17 different studio, one-, two-, and three-bedroom floor plans, with an average unit size of 973 square feet. In addition, 20 “Concierge Units” offer updated ceiling fan and lighting kits, stainless steel appliances, granite countertops and crown molding.
Springs at Corpus Christi is situated near Saratoga Boulevard and South Padre Island Drive, two of Corpus Christi’s major thoroughfares, with convenient access to the Central Business District, Interstates 37, 35 and 10, and the Corpus Christi International Airport.
The property’s location boasts strong demographics and vital demand drivers, including a myriad of local and national retailers, restaurants and services. The Corpus Christi Medical City-Bay Area, a full-service acute care hospital, and the Christus Spohn Regional Health System Campus are located minutes from Springs at Corpus Christi.
Nearby employers include Asset Protection & Security Services, Columbia Hospital, Driscoll Children’s Hospital and Susser Holdings Corporation. Corpus Christi is also home to Texas A&M University – Corpus Christi and Del Mar College, both of which are just seven miles from the community.
“The city has great investment fundamentals, with the sixth-largest port in the U.S., a major army and naval station, a thriving tourism industry, and some $30 billion in construction projects currently underway by several major oil, gas, and chemical related companies,” noted CLP Managing Director, Austin Alexander. “Rents increased an average of 4.5 percent last year and the city added 40,000 new residents over the past six years. That represents strong stability and growth potential in the region.”
Formed in 2009, Castle Lanterra Properties 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. Castle Lanterra Properties currently owns and manages a portfolio comprised of 7,600 units and a value in excess of $1 billion.