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Castle Lanterra buys suburban Texas community
Castle Lanterra Properties, a New York-based national real estate investment firm, announced the acquisition of Broadstone McKinney, a newly developed 255-unit suburban multifamily community located minutes from bustling Historic Downtown McKinney, Texas.
The firm, which owns and operates more than 6,600 residential units across the country, purchased the asset from the developer, Alliance Residential. Sources close to the deal say the sale price was north of $60 million.
“We are extremely bullish on the strength of the residential market in the Dallas/Fort Worth area, which leads the country in both employment gains and population growth, and specifically in the tremendous upside of this really unique multifamily community,” said CLP CEO Elie Rieder. “Moreover, the McKinney submarket is projected to experience future job growth of almost 55% – much higher than the national average of 33.5%, illustrating the affluence in the immediate area.”
The newly constructed residential property features units with balconies, or patio; private yards; electric entry door locks and Nest thermostats. Community amenities include a clubhouse with resident lounge, full kitchen and game area, a business center with private conference room, a Technogym fitness center , swimming pool, outdoor kitchen lounge, dog park and pet parlor, a LuxerOne package center, and 24-hour emergency maintenance services.
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