Castle Lanterra Properties buys second building in Virginia

Published October 12, 2018 by Jessica Sabbath

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.