Castle Lanterra sells Meridian Obici multifamily community

Suffolk, VA — Castle Lanterra (CL) announced the sale of Meridian Obici, a 224-unit, class A multifamily community located in Suffolk within the Hampton Roads metropolitan area.

Completed in 2016, Meridian Obici is a highly amenitized multifamily community featuring a resort-style saltwater swimming pool, fitness and business centers, resident entertainment spaces, outdoor kitchens, detached garages, storage units, and a dog park. The property is situated along Suffolk’s North Main St. corridor, providing residents with convenient access to retail, dining, and essential services.

CL acquired Meridian Obici in October 2018 for $32 million, or $143,000 per unit, which allowed the company to own a recently constructed, stabilized class A asset at an attractive basis within one of Virginia’s fastest-growing regional economies.

“Meridian Obici exemplifies our strategy of identifying high-quality multifamily assets in growing markets and creating value through disciplined asset management and strategic execution,” said Elie Rieder, founder and CEO of CL. “We are pleased to have delivered strong performance for our partners while benefiting from the continued economic expansion and population growth across the Hampton Roads region.”

Throughout CL’s hold period, the property benefited from Suffolk’s continued growth and its location within the broader Hampton Roads economy. The region is supported by a diverse employment base that includes major military installations, shipbuilding operations, port and logistics industries, healthcare systems, financial services firms, and distribution centers.