Castle Lanterra Properties buys Loftin Place in West Palm Beach for $63.5M

The deal marks the company’s first acquisition in Florida

Miami /
Jul.July 20, 2017 04:15 PM

New York-based Castle Lanterra Properties just paid $63.5 million for the 259-unit Loftin Place apartment community in West Palm Beach, marking its first acquisition in Florida.

The mid-rise, eight-story building at 805 North Olive Avenue was developed by Cypress Real Estate Advisors, a Texas-based real estate investment and development company. Cypress paid $13 million to acquire the site in 2006.

A spokesperson for CLP said the building is 92 percent leased. Elie Rieder, CLP founder and CEO said CLP took on $40 million in debt from Freddie Mac.

The multifamily development offers studio, one-, and two-bedroom units that range from 578 square feet to 1,037 square feet, with rents ranging between $1,581 to $2,169, according to Apartments.com.

Units come with high ceilings, quartz countertops, wood flooring, stainless steel appliances and private patios and balconies. Residents have access to a fitness center, conference room, pool, rooftop running track, tennis courts and grilling stations.

“There’s been a five-year shift in the market where there’s more millennials looking to move to downtown,” CLP’s head of investments Ben Loney said. “That coupled with the train [Brightline], it’s a strong demand driver for that area and we see that continuing in the near and extended future.”

Avery Klann and Hampton Beebe of ARA Newmark represented the seller. David Layman of Greenberg Traurig and Mitch Clarfield of Berkeley Point Capital represented CLP, according to a press release.

CLP owns and manages a portfolio of 8,900 units with a value in excess of $1.5 billion. Rieder said CLP is looking to get more active in the South Florida and Orlando markets.

Real estate prices in West Palm Beach’s downtown are rising along with rent costs. A 73-acre, mixed-use development called Water Tower Commons is being built on Lantana Road. Although construction on the development has lagged, the developer has approval to build more than 300,000 square feet of commercial space for offices, retail stores and restaurants.


Related Articles

arrow_forward_ios
Value Store It President Carlos Diaz with the two properties (Diaz)
Value Store It buys two Palm Beach County properties for $35M
Value Store It buys two Palm Beach County properties for $35M
Stephen Ross (Getty) with Esperanté Corporate Center at 222 Lakeview Avenue in West Palm Beach
Related Companies buys half ownership interest in West Palm office tower
Related Companies buys half ownership interest in West Palm office tower
Nicholas and Caroline Rafferty and 6709 South Flagler Drive, West Palm Beach (Getty/Patrick McMullan, Google Maps)
Financial adviser and interior designer buy waterfront West Palm Beach house for $7M
Financial adviser and interior designer buy waterfront West Palm Beach house for $7M
CityPlace Tower and Related Companies founder Stephen Ross (Related, Getty)
Related Companies buys West Palm Beach office tower for $175M
Related Companies buys West Palm Beach office tower for $175M
Joseph J. Plumeri and 1100 South Flagler Drive (Getty, The Bristol)
Former First Data honcho spends $17M for condo at The Bristol in West Palm
Former First Data honcho spends $17M for condo at The Bristol in West Palm
Raanan Katz of RK Centers and Best Buy at 1880 Palm Beach Lakes Boulevard in West Palm Beach (RK Centers and Orion Miami)
Raanan Katz’s RK Centers buys West Palm Best Buy for $12M
Raanan Katz’s RK Centers buys West Palm Best Buy for $12M
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...