AUSTIN--Castle Lanterra Properties (CLP) has entered the Austin market with its acquisition of Stonegate Apartments, a 452-unit class A property. The property was purchased from an institutional ownership group.
“Stonegate is a beautiful, well-located property near major employers in a city that continues to attract corporate relocations and job growth,” said Elie Rieder, founder of the New York-based CLP, in a release. “We believe there is unrealized potential at this 56-acre property, and we see opportunity to take it to the next level.”
“We were attracted by Stonegate's large amenity space and the opportunity to give the clubhouse a facelift and double the size of the fitness center,” said Rieder.
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