Castle Lanterra Properties buys second building in Virginia
Castle Lanterra Properties (CLP) has bought its second apartment building in Virginia.
CLP purchased Meridian Obici, a 224-unit apartment building in Suffolk, for $32 million.
The acquisition expands the company’s mid-Atlantic portfolio. The New York City-based real estate investor bought its first Virginia property in 2013 when it acquired the Misty Ridge Apartments in Woodbridge for $62 million.
“The state of Virginia has long been on our investment radar,” Elie Rieder, CEO of CLP, said in a statement.
“We have witnessed tremendous growth over the past five years, and the state has quickly emerged as a major economic center for new businesses and job seekers alike. The Suffolk/Hampton Roads submarket is particularly attractive to us due to its positive supply/demand dynamics, its growing population of Millennials, and diverse local economy.”
Meridian Obici is located on Suffolk’s Main Street. It features one, two and three-bedroom apartments that range from 718 square feet to 1,432 square feet.
Community amenities include a saltwater swimming pool with poolside cabanas, an outdoor kitchen, a sundeck car care center and a dog park. The resident clubhouse features a 24-hour fitness center, a multimedia theater with billiards, a game room, and a business center.