AUSTELL, GA – Castle Lanterra Properties has announced the acquisition of Premier Apartments, a 280-unit multifamily property, in Austell, GA, just outside of Atlanta.
Premier Apartments, built in 1972, is comprised of one-, two- and three-bedroom units spanning 24 buildings across a 24-acre property. The property features tennis courts, a swimming pool, playgrounds and a community lake. The firm plans to create physical and operational enhancements to the complex, including modern amenities and enhanced technology to enhance quality of living for the residents.
The apartments are situated 15 minutes from both Downtown Atlanta and the Platinum Triangle commercial hub. Located blocks from Riverside Parkway's dining and retail options, they also provide convenient access to I-20.
Castle Lanterra aims to increase their holdings in Atlanta's metropolitan area, due to its robust real estate market and economic future. Atlanta apartment occupancy has climbed to approximately 95%, with Cobb County's population increasing 25% since 2000. Multifamily properties are currently considered a stable asset within the market, due to limited rental supply and high development costs.
This recent acquisition expands Castle Lanterra Properties' local multifamily portfolio to nearly 1,000 units, while they currently own and manage more than 7,000 apartments across 23 properties in the US. The firm is a New York based, privately-held real estate investment company, aiming to preserve and revitalize housing communities. The firm focuses on acquiring and managing income-producing multifamily properties in strategic growth markets of the US.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
