A New York-based multifamily investment firm snagged a pair of Long Island apartment complexes at a slight discount off their previous prices.
Castle Lanterra, based in Suffern, purchased apartment complexes in Hempstead and West Hempstead for a combined $138 million, according to Long Island Business News. UBS Realty Investors sold the properties, both of which were developed by Mill Creek Residential.
One of the assets is a 166-unit complex at 303 Main Street in Hempstead. Castle Lanterra spent $69 million for the development, seven years after UBS bought it for $74 million.
The other is a 150-unit complex at 130 Hempstead Avenue in West Hempstead, which also went for $69 million. UBS bought it in 2013 for $70 million.
The Town of Hempstead Industrial Development Agency approved payment-in-lieu-of-taxes agreement transfers last week, paving the way for the sales. Both complexes are less than a decade old, having opened in 2012.
This marks Castle Lanterra’s first property ownership on Long Island. The company’s portfolio spans 7,500 units across two dozen properties nationwide. Other investments in the northeast include The Lena, a 224-unit complex in Raritan, New Jersey, and Harbor Pointe, a 554-unit community in Bayonne, New Jersey.
In 2017, Castle Lanterra paid $63.5 million for the 259-unit Loftin Place complex in West Palm Beach, the company’s first acquisition in Florida.
[LIBN] — Holden Walter-Warner