In another new region for CLP, the company acquired the Heights at Skyland, a 304-unit community in Tuscaloosa.

This quarter, CLP acquired Alexan CityView, an expansive 544-unit waterfront residential community in Bayonne on New Jersey's Gold Coast. CLP paid $147.5 million for the property and renamed it Harbor Pointe. "We plan additional upgrades to the community's already strong amenity package." The acquisition also includes the potential for developing neighboring parcels of land.

Plans include additional development and ferry service to New York City. The past year also saw the sale of Trantor Place Apartments, a 177-unit property in Staten Island, NY. The property was originally acquired in 2011 for $11 million and, following more than $2 million of upgrades, it was sold for nearly $18 million.

"The disposition of Trantor Place is a prime example of our approach and tactics, acquiring undervalued assets and creating a capital improvement plan that will enable us to recapitalize and reposition quality assets," says Rieder. "We continue to seek such opportunities in markets across the country."

In Baltimore, CLP completed the acquisition of 222 Saratoga, which offers 80 loft-style apartments in a converted industrial property in a commuter-friendly location. "With more jobs returning to the downtown area, the city has been attracting young professionals seeking flexible urban rentals as a lifestyle choice," stated Rieder.

Also in Maryland, CLP acquired Watergate Pointe, a 608-unit property in the state capital of Annapolis, for $105 million. Situated on 31 waterfront acres, the property offers upside potential in the form of a 45-unit building that has been unoccupied since damaged by fire in 2013. More than $12 million is being invested in restoring the building and bringing it back on-line in 2016.

"We are very optimistic about the year ahead and beyond as we continue to grow our company," Rieder asserts.