Castle Lanterra acquires second VA property expands multifamily property portfolio
SUFFOLK, VA — Castle Lanterra Properties (CLP) has expanded its mid-Atlantic portfolio, announcing that it has acquired Meridian Obici, a 224-unit, class A community in Suffolk. “The state of Virginia has long been on our investment radar. Having already acquired 409 units back in 2013, we have witnessed tremendous growth over the past five years, and the state has quickly emerged as a major economic center for new businesses and job seekers alike. The Suffolk/Hampton Roads is particularly attractive to us due to its positive supply/demand dynamics, its growing population of Millennials, and diverse local economy. Coupled with a best in class asset such as Meridian Obici, this investment offers a strong combination of steady yield and deep intrinsic value” Elie Rieder, CEO of Castle Lanterra Properties, said. Located on Suffolk’s historic Main St. and in one of the fastest growing cities in Virginia’s Hampton Roads metropolitan region, residents enjoy ease of access to diversified employment base that is continuing to grow rapidly. The quality of the labor force and access to major transportation infrastructure has contributed to business growth and, subsequently, population growth.