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 two 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