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CLP sells 608-unit apartment community for $154M

Elie-Rieder-1-e1622142997910

New
York based Castle Lanterra Properties (CLP) has
sold a 608-unit apartment community in the Chesapeake Bay for $154 million.

A team from the Transwestern Mid-Atlantic Multifamily Group
brokered the sale on behalf of CLP to a JV TPG Real Estate Partners (TREP) and
The Bainbridge Companies.

CLP acquired the 21-building Watergate Village in Annapolis, MD, for $105 million in 2015. Located on a 31-acre inlet of the Chesapeake Bay peninsula, the property features panoramic water views, a 162-slip marina with fishing docks, and is located within walking distance of historic downtown Annapolis and the Naval Academy.

ELIE RIEDER

“Watergate
Pointe is a unique community that offers a rare opportunity in the market,”
said Elie Rieder, founder and CEO of CLP. “It is a jewel that sits on 30-plus
acres in an irreplaceable waterfront location. CLP successfully executed a
value-add strategy and repositioned this one-of-a-kind property over the past
six years, and we’re confident the community will continue to thrive under
TREP’s ownership.”   

“Watergate
Pointe’s unmatched waterfront views and expansive amenities make the property
an ideal location for residents looking for an affordable, spacious, and
high-quality living option near downtown Annapolis,” said Dan Frydman, Managing
Director at TREP. “We look forward to investing further in the community to
best serve a diverse range of current and future residents.”

As
the only property in its submarket with 3,000 feet of water frontage, Watergate
is unrivaled in terms of location and offers residents true resort-style
living. Community amenities include an Olympic style pool, fitness center,
children’s playground and sports court, dog park, business center and
conference room, and outdoor kitchen and grilling stations. Units feature
vaulted ceilings, fully appointed kitchens with granite countertops, renovated
bathrooms, expansive balconies, washer and dryers in select units, and vinyl
plank flooring.

The
Bainbridge Companies, a full-service, best-in-class owner, developer and
manager of luxury apartment homes, will serve as the operating partner and
property manager for Watergate Pointe. 

CLP was represented by the team of Dean Sigmon and Robin Williams, both serving as Executive Vice Presidents and Co-Directors, as well as Vice President Justin Shay, CCIM, of the Transwestern Mid-Atlantic Multifamily Group.

The post CLP sells 608-unit apartment community for $154M appeared first on Real Estate Weekly.

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